A World In Denial, Headed For Full-Blown Panic As The Global Economy And Stock Markets Crash
Egon von Greyerz: “Eric, the perfect storm has now started. And this storm will turn into a hurricane probably within the next two months. So in the next 60 – 90 days we will see all stock markets go down by at least 25 – 30 percent and likely a lot more. And we could see gold reaching $2,000 and silver $50 within that time….
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“I’m fully aware that this sounds extreme, but all this is is the end of the 100-year bubble of credit explosion that now must implode. And the gold price will just be a reflection of the fall of paper currencies to their intrinsic value of zero.
In the crisis that is now coming, the gold price will not just reflect stable purchasing power, but it will also reflect the massive demand for physical gold as the only safe method to insure and protect wealth.
There are a number of factors that will contribute to gold’s surge in coming months: Collapsing currencies and asset markets will be the principal trigger for gold’s rise, but the dilemma is that there is very little physical gold available in the West. Continuous buying by the East has virtually depleted gold supplies in the West.
This year China is likely to buy 2,000 tonnes and India 1,000 tonnes. This makes 3,000 tonnes for just these two countries. That is against an annual mine production of only 2,500 tonnes. I don’t think that Western central banks even hold half of the 23,000 tonnes that they officially say they possess, and the bullion banks are most certainly low on their gold inventories.
Come September – October, as the world economy and stock markets go into a tailspin, there will be enormous fear and that will translate into hedging and insurance in the form of physical gold buying on a massive scale. But with the gold shorts in the futures market and the interbank market being at unprecedented levels, there will be massive panic buying to cover shorts. This is what could trigger new all-time highs in gold and silver before 2015 is over.”
Eric King: “So with the Dow down over 530 points today, is this collapse you’ve been predicting already beginning to unfold?”
Egon von Greyerz: “Eric, it’s already happening all around us but the world doesn’t see it. The world economy has already started to disintegrate. Only the first four days of this week $2.5 trillion of market capitalization has been wiped out in global stock markets. So the world is in denial….” (discussion continues in the audio) ***KWN has now released the incredible audio interview with Egon von Greyerz, where he discusses the worldwide collapse, chaos in China, what investors can do to prepare and protect themselves, why gold and silver are headed to new all-time highs and much more, and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.