- Currencies and the stock market will continue down against gold.
- Every world economic figure is looking worse.
- The dominoes are falling.
- Hyper-inflation (for food and fuel) & depression (decline in all assets financed, stocks, real estate, etc.)
- Rating agencies avoiding US downgrade for political reasons.
- Gold decline only in paper market.
- There’s been no selling of physical gold.
- Agrees with “London trader” about gold manipulation
- Paper market is 100 times physical.
- US printing is imminent.
- Bernanke knows printing is needed right now.
From King World New:
On the heels of Spain asking for $125 billion to bail out their collapsing banking system, today Egon von Greyerz told King World News, “There will be a massive worldwide package coming out between the Fed, the ECB, the IMF and other central banks.” Egon von Greyerz is founder and managing partner at Matterhorn Asset Management out of Switzerland. Von Greyerz also said the money printing is “imminent.” Here is what Greyerz had to say about the unfolding crisis: “As I see things, we are on the road to perdition. Eric, there is no exit strategy for the world (to get) out of these problems. There is no solution. If you look at what happened in 2008, people thought that was bad, but what’s going to happen, starting this year and in the next few years, will make 2008 look like a small rehearsal because the real collapse is going to start now.”
“We’re seeing every week, one domino after
the next that is falling. So far they are only smaller dominos such as
banks, smaller countries, etc.. No (major) country has fallen, but that
will come. Every single economic figure is looking worse. World trade
is declining -- Chinese exports of steel were down 14% last month, US
exports to the eurozone were down 5% last month and that is likely to
increase to minus 20% if not more.
The decline of world trade means the start of a depression....
“We also saw six German banks downgraded,
we saw manufacturing figures in almost every country coming down, as
well as production. So the dominos are falling and, sadly, we are
seeing a historic and dark period for the world.
Bernanke, don’t believe a
word of what he is saying. He’s a politician, like everybody else, and
he used this speech to put pressure on Congress to reduce the deficit,
but of course they won’t. So the burden will be back on Bernanke to
print more money. That (money printing) is imminent.
Ben (Bernanke) talked about
the eurozone. He said he’s prepared to take action if needed. Well, I
can tell him that action is needed now. That action we will see very
soon. There will be a worldwide package. There will be a massive
worldwide package coming out between the Fed, the ECB, the IMF and other
central banks.”
Greyerz had this to say about the action in gold:
“We saw no selling of physical gold, it was all manipulation in the
paper market. There is no selling in the physical market. It’s very
important to understand that there is manipulation of the paper market
to a massive extent. At some point people will not trust the paper
market anymore.
There is only one direction
for markets. The stock market will continue down against gold, the
currencies will collapse at a faster rate against gold, and gold will
continue its long-term trend (higher) that we have seen over the last 12
years.
This is a chart I’ve
produced for the written (portion of this interview). You see the peak
from August and early September of last year, and then a nine month
consolidation. It’s a triangle and the moves are getting smaller.
The support is around $1,560 on a weekly
closing basis, and the resistance is $1,700. We might hit $1,560 on a
weekly closing basis or even go below it, but in my view the next move
is up.
You can listen to the podcast here.
No comments:
Post a Comment