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Mike Kosares: Swiss treachery shows gold can be pretty good insurance
5:15p ET Sunday, January 18, 2015
Dear Friend of GATA and Gold:
Losses incurred by big investment houses and their clients for betting on the integrity of the Swiss Natinal Bank may be big enough to cause a financial crisis, Mike Kosares of USAGold in Denver writes today.
Kosares adds that gold is pretty good portfolio insurance against various disasters, including central bank treachery. "As happened last Thursday," he writes, "you retire in the evening and all appears to be normal, or at least as normal as can be expected in these precarious times. You wake up in the morning only to find that the interconnected global financial village has just gone over a cliff. One owns gold not because he or she thinks it might turn a profit. One owns it to protect his or her portfolio against the very same kind of unforeseen event that occurred last Thursday."
Kosares' commentary is headlined "Big Hedge Fund Goes Bust, $830 Million Loss on Swiss Franc Trade" and it's posted at USAGold's Internet site here:
http://www.usagold.com/cpmforum/2015/01/18/swiss-franc-trade-wipes-out-8...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
Direct Ownership and Storage of Precious Metals
Outside the Banking System in Zurich and Singapore
Goldbroker.com is a precious metals investment company that enables investors to own and store gold directly in their own name (no mutualized ownership) in Zurich and Singapore.
Goldbroker's clients are not exposed to any counterparty risks. They own gold and silver in their own names (the ownership certificate cites the name of the investor and serial number of his bars) and they have storage accounts opened in their own name as well. So Goldbroker.com's storage partner knows the exact identity of each investor. Goldbroker.com doesn't store in the name of its clients; rather, Goldbroker's clients store personally. All investors have direct access to their gold and silver bars.
Goldbroker.com was launched in 2011 so that investors would avoid any counterparty risk when investing in physical gold and silver.
Goldbroker.com is listed among GATA's recommended monetary metals dealers. (http://www.gata.org/node/173)
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