Watch the full 22-minute video at http://www.goldmoney.com/zulauf-turk-interview. Felix Zulauf, Chairman of Zulauf Asset Management, and James Turk, Director of the GoldMoney Foundation, talk about the ECB. They explain how its sovereign bond buying has left its balance sheet in disarray, with negative equity capital. Felix believes that in theory a central bank can survive without equity capital, but from the point of view of credibility a solid balance sheet is a must. A possibility would be for the ECB to increase its gold reserves.

This interview was recorded on Septemeber 30th 2011 in Vienna.