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By Laura MacInnis
Fears of a double-dip downturn have boosted the appetite for physical bullion as well as for mining company shares and exchange-traded funds, UBS executive Josef Stadler told the Reuters Global Private Banking Summit.
“They don’t only buy ETFs or futures; they buy physical gold,” said Stadler, who runs the Swiss bank’s services for clients with assets of at least $50 million to invest.
UBS is recommending top-tier clients hold 7-10 percent of their assets in precious metals like gold, which is on course for its tenth consecutive yearly gain and traded at around $1,314.50 an ounce on Monday, near the record level reached last week.
“We had a clear example of a couple buying over a ton of gold … and carrying it to another place,” Stadler said. At today’s prices, that shipment would be worth about $42 million.
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I sincerely hope they aren’t buying ‘paper gold’ like gold stocks, if interview I saw about 3 weeks ago is true. It said that gold paper was inflated by 100 times. IOW, the amount of ounces of gold represented by gold stocks is about 1% of the total value of the stocks. That would mean that each 1 ounce ‘share’ of gold stock has about $13.15 backing it.
That is the worst case of counterfeiting I have ever heard of. here’s the link.
http://jewsandjoes.com/blog/video-global-gold-market-scandal-being-revealed/