Home Daily Blitz Switzerland Chooses Gold Bullion Over Paper Wealth Backed By US Dollar
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Switzerland Chooses Gold Bullion Over Paper Wealth Backed By US Dollar

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The following is an excerpt from rt.com | June 30, 2018 |

Another country is betting on physical gold. Switzerland's pension fund has boosted its investments in bullion, switching from the paper-backed securities in US dollars.

“The Swiss government Pension System decided to change from paper gold in the amount of 700 million CHF into physical gold and store it in Switzerland. The 700 million only stands for 2 percent of the total assets, but it is quite a surprise that they do this,” Claudio Grass, an independent precious metals advisor and Mises Ambassador told RT.com.

According to Grass, it is a strong signal that people should take seriously, since a pension fund is an investment vehicle that has a long-term strategy.

“Physical gold is the best way to hedge as well as to accumulate wealth over decades. If you would have purchased for $100,000 gold in mid 70ties the holding without doing anything would be worth more than $2 million,” the analyst said. Another factor why the pension fund demanded physical gold was that they understand that paper gold just represents a claim on gold in a highly paper-leveraged gold market, Grass explained.

For more visit: rt.com

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