Financial and precious metals expert, Egon von Greyerz (EvG) says, “The whole world is a big bubble, and gold will reflect that as it always has. We have been into gold for wealth preservation purposes not for speculation. We have been into gold since 2002 for ourselves and our investors. Then it was at $300 (per ounce). Obviously, we have had people buying since then. We’ve seen gold going up to . . . $1,900, then back down to $1,050. This year, we went up to over $1,300, and now we are back down to $1,100 and change today. If you are buying gold for wealth preservation, you know what you are looking at on a computer screen is not the real price of gold, just the paper price of gold and the manipulation of gold. It has nothing to do with physical gold. Therefore, our investors are not worried because they know they are holding gold to preserve their wealth outside the banking system. Also, they are holding gold as insurance for risks in the system, which are bigger than ever. So, we don’t see anyone being nervous and ringing up and complaining about the gold price because they know gold will reflect what is happening in the world. . . . I am not upset because I know one day, COMEX will default. The futures market will default. The banks will not be able to deliver the paper gold they have issued. One day people will come in and try to get their gold, and there won’t be any gold when they ask for it. How can you be nervous (holding gold)? The truth will eventually come out, and that truth will be very painful for all the paper holders of gold.”
In closing, EvG has a dire warning and contends, “Sadly, I think world population will go down. There will be lots of problems. There will be a time without money. There will be bartering for a while until they come up with a new system. I don’t see a new global reserve currency. Everyone will be for himself. China will do their own thing, and of course, China will sit with more gold than anybody, and they will be able to determine the price of gold. And that will happen.”
Join Greg Hunter of USAWatchdog.com as he goes One-on-One with precious metals and financial expert Egon von Greyerz, founder of Matterhorn Asset Management.
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