World’s Second Largest Reinsurer Buys Gold, Hoards Cash To Counter Negative Interest Rates

by Tyler Durden
ZeroHedge.com
03/16/2016

German reinsurer Munich Re is boosting its gold and cash reserves in the face of the punishing negative interest rates from the European Central Bank, it said on Wednesday. Munich Re has held gold in its coffers for some time and recently added a cash sum in in the two-digit million euros, Chief Executive Nikolaus von Bomhard told a news conference. “We are just trying it out, but you can see how serious the situation is,” von Bomhard said.

The Rest…HERE

This entry was posted on Thursday, March 17th, 2016 at 11:04 am and is filed under Economics. You can follow any responses to this entry through the RSS 2.0 feed.