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Central bank sets off panic and chaos in Switzerland, von Greyerz tells KWN
2:27p ET Thursday, January 15, 2015
Dear Friend of GATA and Gold:
Swiss gold fund manager Egon von Greyerz today tells King World News about the panic and chaos in Switzerland and elsewhere in Europe caused by the Swiss National Bank's repudiation of its pegging the Swiss franc to the euro.
The bank, von Greyerz says, thereby lost 80 billion Swiss francs, the equivalent of 10 percent of the country's gross national product. The bank, he adds, also effectively vindicated the Swiss Gold Initiative, which the bank had opposed as a threat to the peg.
Currency wars, von Greyerz says, are out in the open now and will get worse, with gold and silver being the beneficiaries. An excerpt from his interview is posted at the KWN blog here:
http://kingworldnews.com/man-predicted-collapse-swiss-franc-gives-shocki...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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Well, maybe. But how does metal supplied to the market by marginal mines compare with what has been called "synthetic" metal supplied by central banks and their bullion bank agents -- "paper gold"? Of course the volume of "paper gold" in the market has been estimated to exceed the volume of real metal by a factor of as much as 100.
So what is the real "marginal" supply here? Does it come out of the ground, extracted with great effort and expense, or is it created effortlessly and largely electronically by central banks, which, as Federal Reserve Chairman Alan Greenspan told Congress in 1998, "stand ready to lease gold in increasing quantities should the price rise"?:
http://www.federalreserve.gov/boarddocs/testimony/1998/19980724.htm
While central banks and bullion banks are not as transparent about their "production" as mining companies are, overlooking central bank "production" while disparaging the production of marginal mines is straining at gnats while swallowing camels.
Suchecki's commentary is headlined "Gold Price May Be Affected by Marginal Miners Not Going to Company Heaven" and it's posted at his Internet site, Gold Chat, here:
http://goldchat.blogspot.com/2015/01/gold-price-may-be-affected-by-margi...
While the gold price also may be affected by central banks not going to central bank heaven -- or elsewhere, as the case may be -- it remains exceedingly hard to get respectable people to discuss that part of the market.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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