Today a legend in the business told King World News that Switzerland may be preparing to purchase a stunning 1,000 tons of physical gold. Keith Barron, who consults with major gold companies around the world and is responsible for one of the largest gold discoveries in the last quarter century, spoke about this remarkable situation and what it means for investors. Below is what Barron had to say in part II of this exclusive interview.
Eric King: “Andrew Maguire recently told KWN that the LBMA system was in trouble and cash settled, refusing to give entities their gold. Earlier you said to me that there is a run on gold at Scotiabank in Canada and UBS in Switzerland. What do you make of this incredible situation, Keith?”
Barron: “What we discussed earlier, the fact that ABN AMRO was refusing to give customers their gold back, is one of the primary things that has triggered this massive run on physical gold and silver….
“And look at how the West has responded. For instance, Mario Draghi’s statement about Cyprus selling their gold was patently false because that gold has already been re-hypothecated twenty different times. Meaning, it’s not there to sell anymore.
But that was really a meaningless statement designed to to scare people out of ETFs and free up a lot of physical gold so certain entities who are short of physical gold could get assistance. That’s what has happened here.