Swiss banks have no space left for gold! (ETF: GLD)

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July 19, 2009 3:17pm ETF BASIC NEWS NYSE:GLD

novacancyCommodity Online reports, “Do you know what is the immediate impact of the gold rush on Swiss banks? They are running out of space to store the world’s gold! According to a website report, Swiss banks have no more secure storage space for gold bullion held by investors and institutions.  Swiss news website 20 Minute Online said

 fears of hyperinflation, the economic downturn and the success of gold index funds (ETFs), which are supported by physical gold, has led to a run on precious metals investment — and in gold in particular, and in the necessary secure storage space in which to hold it.”

Commodity online goes on to say, “While the big US based ETF, the SPDR Gold Trust, has recently seen a relatively small decline in its gold holdings with some investors seeking better returns in the markets, the ever-cautious Swiss seem to be seeing continuing growth in locally managed ETFs.  A recent report noted that Swiss Bank, Julius Baer, for example, was still seeing a 3.3% growth in its gold ETF in the current week.  And even though the Swiss Central Bank has been selling gold via the Central Bank Gold Agreement, it still holds 38% of its foreign exchange reserves in the yellow metal.”

For the whole story click: HERE


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