Thursday, August 21, 2014

Swiss Gold Repatriation To Send Shock Waves In Gold Market

It is indeed ironic that the national gold reserves of Switzerland are officially located in other countries (the US and London), but are physically no longer there.  It's ironic because 75% of gold refineries reside in Switzerland, as well as a large percentage of vaulted gold, in banks or in custody storage.

So while Switzerland refines and stores gold for much of the rest of the world, Switzerland's own gold reserves residing in Switzerland are virtually non-existent.  It's similar to a world-class carpenter building beautiful homes for all his neighbors and friends, enriching many in the process, but not owning his own home.

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