Thursday, June 10, 2010

American Fund Managers Express Fear Of Gold Confiscation

Believing that the U.S. government is poised to confiscate gold again basically casts the believer into the badlands - until now. According to a Mineweb report, HSBC Bank's Managing Director of Global Metals and Trading, John Leven,
recounted conversations with some of the U.S.'s top asset managers controlling massive amounts of capital asking if HSBC had the capacity in its vaults to store major gold purchases. On being told that the bank's U.S. vaults had sufficient space available he was told that they did not want their gold stored in the U.S.A. but preferably in Europe because they feared that at some stage the U.S. Administration might follow the path set by Franklin D. Roosevelt in 1933 and confiscate all U.S. gold holdings as part of the country's strategy in dealing with the nation's economic problems.
Maybe they're required to out of due-diligence duty, but reading top fund managers taking seriously a worry that used to be associated with the stereotypcial tin-foil hat says something about how America is changing. It's as if some mainstream-media pundits were on CNN discussing the possibility of President Obama launching a coup to forestall the 2010 elections, a fringe belief debunked in this article.

No comments:

Post a Comment