Egon von Greyerz Describes The USD Destruction
Jim Sinclair has a CNBC Squawk Box Europe video interview with Egon von Greyerz from the Zurich Stock. Egon von Greyerz of Matterhorn Asset Management has written a very informative piece on his website Goldswitzerland.com called ALEA IACTA EST (This is it!).
Von Greyerz writes that clueless world governments will continue to create money out of thin air to try to solve our credit and debt problems created by creating money out of thin air. He advised his clients put 50% of their liquid assets in Gold back in 2002 when Gold was $300 and he is still positive on Gold with Gold at $1240.
His reasons for owning Gold are:
1. Gold production is going down.
2. Neither Comex (the futures exchange), nor the bullion banks would be able to deliver more than a fraction of the physical gold for which they have outstanding commitments.
3. Central banks and the IMF probably don’t hold even half of the 30,000 tons that they claim they have. Most likely, at least 15,000 tons (6 years gold production) have been sold to suppress the gold price.
4. The precarious financial system will lead to a total distrust of paper gold including most of the ETFs which have no physical gold.
Here is the truth about Gold since the FED was established in 1913 and since 1971 when Nixon took usoff the Gold Standard completely:
Gold has maintained its value and the USD has been debased. Nothing will stop its further destruction!
Tags: Egon von Greyerz Jim Sinclair Gold USD
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