Today Egon von Greyerz told King World News that a client went to move a significant amount of “allocated” gold from a Swiss bank, but the bank shocked the customer because they did not have the gold. Egon von Greyerz is founder and managing partner at Matterhorn Asset Management out of Switzerland. Von Greyerz also said, “the risk of having gold in the banking system is major.” But first, here is what Greyerz had to say about the bank runs in Europe: “This is just amazing, Eric, you couldn’t write a better story than this. We have bank runs in Greece and Spain, and now a French bank, one of the biggest mortgage banks, is also having problems. Ireland, they thought they were alright, but they need more money.”
Egon von Greyerz continues:
So the dominos are continuing to fall and this is still only the beginning. We are not far, in Europe, from fear and much bigger bank runs than we’re seeing today. And the countries they think are okay are not okay. You take Germany, either way Germany will have problems.