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Thursday
Sep062012

Greyerz - The ECB Move, $4,000 - $5,000 Gold & $150 Silver

Today Egon von Greyerz told King World News, “... we are now seeing a lot of fund managers and investors moving out of gold ETF’s, and taking delivery of physical gold and holding it outside of the banking system.”  Greyerz, who is founder and managing partner at Matterhorn Asset Management out of Switzerland, also warned this is happening because they are now, “... deeply troubled at the thought of a systemic collapse.” 

Greyerz also noted, This move in gold and silver has barely started.”  But first, here is what Greyerz had to say about the ECB announcement:  Eric, we had the announcement today that the ECB has agreed to unlimited bond buying.  That means whatever amount is necessary, they will buy.  This is designed to reach the objective of controlling interest rates so they don’t get out of hand in the peripheral countries of Europe.”

He (Draghi) also said they will do all they can to preserve the euro and the eurozone.  They also want the IMF to be involved.  So here is the evidence that we are getting near this worldwide package of money printing which I have previously stated is in the works.  But the market is confused as to how they are going to do this without the central banks of the individual countries behind them.

Nevertheless the money printing will come, it’s absolutely guaranteed.  This was just the first step, and notice they used the word ‘unlimited.’  As Draghi indicated, large parts of the euro region are in disequilibrium.....

Of course they (large parts of Europe) are (in disequilibrium).  That’s the most massive understatement ever.  They are in a total mess, Eric.  Greece is bankrupt.  Italy will soon need a massive injection of funds, and Spain, of course, is a basket case.

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Reader Comments (3)

Dear Editor ulimited bond buying can only mean one thing. the unlimited printing of more fiat currency right?
If so what affect and effect will this have on the U.S. dollar. wiil this decision that they have set will this benefit investors in the US?

-Doug

September 7, 2012 | Unregistered CommenterDoug Grant

Dear Editor,
For whatever reason you did not post my comment but you could have at least answered my question. and that was " Will the printing of Euros in this bond deal cause the dollar to increase in value despite the price of Gold going up which under normal circumstances causes the dollar to go down in value

September 7, 2012 | Unregistered CommenterDoug Grant

Doug,

Sorry we were late in approving your comments, its been a busy time with the NFP numbers coming out and the implementation of our options trading strategy has kept us busy.

We did write back in July that once silver crosses the $30.00 level you will never see that price again and we are standing by that statement.

The money printing by the ECB and by the Fed will propel gold and silver prices higher, in the short term a lot now depends on what form of QE Bernanke decides to use, but we'll soon know, roll on next week.

Have a great weekend,

Bob K

September 7, 2012 | Registered CommenterSilver Prices

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