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HSBC's David Bloom: "Gold Is The Only Safe Haven Asset That Will Not Do QE, Put In Capital Controls Or Complain"

Submitted by George Washington on 09/12/2011 00:25 -0400

We asked last month:

Will Easing By The Swiss Central Bank Drive Investors to Gold As The Only Safe Haven?

HSBC’s head of foreign exchange strategy – David Bloom – says yes.

Bloom told BBC last week:

The real beneficiary [of Swiss and Japanese easing] – which never complains, never prints itself – is gold.

And he told the Telegraph today:

The market must fear this will lead to a sharp escalation in currency wars. Gold is the only safe haven asset that will not do QE, put in capital controls or complain.

For an in-depth background on gold, see this, this, this, this, this, this, this, this and this.

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Mon, 09/12/2011 - 11:36 | 1659779 troublesum

What if QEx isn't enough to offset the deflation were experiencing?

Mon, 09/12/2011 - 10:11 | 1659393 Mugatu

A big giant "duh" on this one.

Aren't we overdue for another Phoenix Capital "end of the world" infomercial article?

Mon, 09/12/2011 - 11:48 | 1659834 DoChenRollingBearing

Hey, you have to look on the bright side of Phoenix Capital informercials. I get the opportunity to flog my blog!

Mon, 09/12/2011 - 14:08 | 1660269 Mugatu

Am I psychic or what - new Phoenix informercial article just listed!

With this vision now complete, I will now try and bend a spoon with just my mind just like Neo in The Matrix.

Mon, 09/12/2011 - 10:09 | 1659386 JW n FL

this is not true... as silver will not break and lets be reasonable grown ups.. there is less above ground silver than gold and it will be that way for a while going forward.

Mon, 09/12/2011 - 11:49 | 1659830 DoChenRollingBearing

I do not want to be a grown up JR. But, I share your thoughts on Au and Ag.

And big guns.

Mon, 09/12/2011 - 10:02 | 1659359 rwe2late

OK for TBTF banks and very wealthy investors to buy gold,

but for others, the government noose may be tightening

http://www.shtfplan.com/precious-metals/banks-governments-move-to-restrict-personal-gold-bullion-purchases_09092011

Mon, 09/12/2011 - 09:23 | 1659238 savagegoose

funny i get that "page not found". when trying to sign onto my online banking site!

Mon, 09/12/2011 - 09:07 | 1659158 PulauHantu29

But...but...but you can't eat gold!

Mon, 09/12/2011 - 10:18 | 1659418 tongue.stan

not true.....gold leaf is edible

Mon, 09/12/2011 - 07:39 | 1658889 DaBernank

Was really planning to turn a stack of € notes into some physical barbarous relic at the Austrian mint today ... as usual, record high. <sigh>

Mon, 09/12/2011 - 14:23 | 1660321 Papasmurf

Pre-rally lows.

Mon, 09/12/2011 - 10:48 | 1659536 tiger7905

Found an article that Austrian banks are restricting gold purchase amounts at one time. Anyone confirm this?

http://goldandsilverlinings.com/?p=1618

Mon, 09/12/2011 - 13:02 | 1660061 Thomas.2012

The original article below is about to be correct, although there are still differences.

http://www.shtfplan.com/precious-metals/banks-governments-move-to-restri...

If you have a good filled private or even business account and are a long time customer, nobody really cares how much Gold you want to buy, even if you do not withdraw the money from your account but bring it in cash.

If you have a small private account then they get picky above 15.000 Euro because of the Anti-Money Laundering stuff.

Questionnaire on Anti-Money Laundering measures at Erste Group Bank AG [pdf; 659.3 KB]

Funny thing: If you try to get 15.000 from your account in cash they need a few days and you have to have an additionally ID with you, BUT if you try to put 15.000 cash in your account, they are getting really pissed and you have to tell them where you got that much money from and/or bring an account statement and sign a few papers that all you showed and told them is/was and will be the truth forever.

Mon, 09/12/2011 - 10:06 | 1659375 DaveyJones

new record is a broken one

Mon, 09/12/2011 - 02:30 | 1658665 LowProfile

The last three "see this" return "page not found".

Mon, 09/12/2011 - 11:23 | 1659718 George Washington

I apologize. Switching over from Blogger to WordPress has created alot of bugs, which I am slowly working out...

Mon, 09/12/2011 - 02:02 | 1658645 The Peak Oil Poet

hmm, i keep smelling that damned rat

hey you nasty little critter where's you at?

i'z gonna find that little sucker and i'z a gonna squish eez liitle head with a kilo bare

danel killt da critta wit a bare

danel dun good

come on out you udder little crittas i'z gonna squish youz heads too

come on make a noise so i can hear ya

i know yor squeekie sound "bitchez" is what i know youz a-sqeek

comon on....

pop

Mon, 09/12/2011 - 10:50 | 1659545 Kobe Beef

Or, get your own blog, Dude.

Mon, 09/12/2011 - 11:08 | 1659632 MayIMommaDogFac...

MayIMommaDogFace2theBananaPatch's picture

Or maybe a Cooking show?

HSBC's David Bloom: "Gold Is The Only Safe Haven Asset That Will Not Do QE, Put In Capital Controls Or Complain"

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