Swiss bank Wegelin has taken a leaf out of our book. As our friends know, every assets has its time, and today is not a time to be speculating. It is a time to be protecting what you have and pitting it beyond the reach of those that need to take it from you.
According to the Globeandmail reporting from the Reuters Wealth Management Summit in Geneva:
“We have to explain to our clients, it’s not about making money these days, it’s about keeping wealth,”
For this reason Wegelin have created a “catastrophe” portfolio, which they explain “is still limited to the most ‘paranoid’ clients but interest is rising”.
Nearly four years into a catastrophe that will last decades and interest is rising. It reminds me of the so called wealth managers advising clients to buy gold at $1,900.
Where were they when gold was $500?
