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Gold is the ultimate protection against the Great Financial Catastrophe

KWN – August 24, 2015

 

Gold is the ultimate protection against the Great Financial Catastrophe

by Egon von Greyerz

What is currently happening in markets should be no surprise to investors who understand sound money and have been following our risk warnings in the last few years.

The world has been living in cloud cuckoo land for so long that unlimited credit at zero percent, hundreds of trillions of dollars of new credit and quadrillions in derivatives were all believed to be real money and assets and part of normality. In the last couple of days we can see how quickly euphoria changes to fear. The Dow went down over 500 points on Friday and started down over 1,000 points on Monday, the biggest one day fall ever. The Plunge Protection Team then managed to buy the Dow back up a loss of a hundred points. But they failed to hold it so the market fell almost 600 points by the close.

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The Great Financial Catastrophe

The Great Financial Catastrophe

by Egon von Greyerz

Most people are blissfully ignorant of the fact that 2007-8 was just a mild rehearsal of what we soon are going to experience. The additional $60 trillion in credit and printed money since then and the lowering of interest rates to zero have given the world the impression that all is now well again.

Let me be very clear, nothing is well. As a matter of fact in the 8 years since the start of the Great Financial Crisis the bubble economy has now properly spread to the world’s second largest economy – China.  China has had exponential growth in debt from $2 trillion to $28T this century. A major part of this debt has financed white elephant projects and ghost cities. It would be surprising if the total Chinese bad debts were below $10 trillion before all of this is finished.

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Gold – One World Two Markets

Gold – One World Two Markets

by Egon von Greyerz

The world is now at tipping point and this coming autumn we are likely to see the beginning of what I in an 2009 article described as “The Dark Years Are Here”.

We are not just going to experience another correction, giving investors yet a chance to buy the dips in a never ending  bullmarket bonanza. No, this time we will see the end of a 100 year Central Bank money printing and debt extravaganza. And maybe it is the end of a bigger cycle since the early 18th century or possibly even a 2000 year cycle. Read the rest of this entry »

Peter Boehringer – Bundesbank argues the wrong way round

“The Matterhorn Interview – Aug 2015: Peter Boehringer”

The Bundesbank is arguing completely the wrong way round

Short Video interview (14 minutes):
On behalf of Matterhorn Asset Management AG / GoldSwitzerland, Zurich, Lars Schall spoke with Peter Boehringer, initiator of the German public campaign “Bring Back Our Gold“. They discuss the importance of national gold reserves and the problematic state of the German gold reserves, officially the second largest gold reserve in the world. Read the rest of this entry »

Humpty Dumpty Had a Big Fall

KWN – July 31, 2015

 

Humpty Dumpty Had a Big Fall

 

With the IMF refusing to take part in the Greek rescue, Greece can’t be put together again and nor can the rest of the world. The Troika can’t even agree what to do with little Greece so what hope is there for all the other bankrupt nations?

But it is not just the EU which has problems. Even Switzerland which used to be a bastion of stability and sound banking has a Central Bank which no longer understands what prudence and and conservatism mean. The Swiss National Bank (SNB) is the biggest hedge fund in the world with currency positions of $ 500 billion.  I forecast last autumn, both on Swiss Television and in articles, in connection with the Swiss Gold Referendum, that the SNB would lose CHF 10s of billions and maybe CHF 100 billion. Well this is now happening. The SNB just announced the results for the first six months of 2015 which shows a loss of CHF 50 billion.  Read the rest of this entry »

Absurdities in the World will end Badly

Moderated July 29th, 2015 by
Categories: All publications, King World News

KWN – July 28, 2015

 

Absurdities in the World will End Badly

 

Normality is rare in today’s world. We have excesses in debts, asset values, consumer goods and many other areas. Most overvalued are of course stock and bond markets. They have reached extremes which are totally absurd and bear no resemblance to reality.

China is now showing the way what is going to happen to all the bubble markets in the rest of the world. The Chinese stock market topped in mid June at a 70 p/e ratio. This is of course a totally absurd valuation driven by a massive credit expansion. As is always the case in speculative moves, the public comes into the market in the final stages driving the market to dizzy heights supported by colossal margin debt. Since the peak 6 weeks ago, the Chinese market is now down over 25%. The Chinese authorities are clearly concerned about the consequences of this both for credit markets as well as the danger of public uproar. Like for the rest of the world, the Chinese authorities realise that only rising stocks is good for the country so when stocks fall, all kinds of intervention and manipulation is required – even in a communist country. Thus a number of restrictions have been implemented including prosecution of short sellers.

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Ronald Stoeferle – I Like Contrarian Investing

“The Matterhorn Interview – July 2015: Ronald Stoeferle”

“I Like Contrarian Investing”

Short Video interview (15 minutes):
On behalf of Matterhorn Asset Management AG / GoldSwitzerland, Zurich, Lars Schall spoke with Ronald Stoeferle who is an advocate of the Austrian School of Economics. On the occasion of the publication of his latest “In Gold We Trust“ report, Ronald Stoeferle talked about the performance of the gold price in 2014/15, the risk-reward perspective of gold and gold mining shares; the gold-silver ratio and the confidence bubble in central bankers and politicians.
This Vienna interview was recorded in early July.

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China official Gold holdings ‘just a little’ understated

Moderated July 19th, 2015 by
Categories: All publications, King World News

KWN – July 19, 2015
Maguire, Leeb and von Greyerz comment on China’s gold news.

“On the heels of China telling the world that they only have 1,658 tonnes of gold, Andrew Maguire, Egon von Greyerz and Stephen Leeb told King World News that today’s release by China is a “joke” and that the announcement was “ludicrous,” which is a polite way of calling it bullsh*t.

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Dominos will fall after the Troika killed off Greece

Moderated July 17th, 2015 by
Categories: All publications, King World News

King World News weekly – July 17, 2015
Dominos will fall after the Troika killed off Greece

Egon von Greyerz: “The ECB and the EU are now in control of the Greek economy, banks and national assets. There is absolutely no chance for Greece to recover as part of the EU. And what happened to Greece will be the model for the next set of weak countries such as Italy, Spain, Portugal and France. They will all fall as dominos before too long….

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The Elite is leading Greece and the World to Perdition

KWN weekly – July 12, 2015

Podcast interview (10 min)

The Elite is leading Greece and the World to Perdition

In my King World News interview published on July 12, I stated that the Troika and the US will do whatever they can to keep Greece in the EU. To let Greece leave would be the final nail in the European Union coffin. That would start the dominoes of Italy, Spain, Portugal and France falling as well as the European banks. And it would prove that this artificial political and monetary union is a total travesty which was doomed to fail even before it was created.

The proposal now being put to the Greek government and parliament is a lot worse than the one which was voted down by the Greek people last Sunday. The package on offer involves another €85 billion of loans in addition to the existing €320bn. On top of that there will be short term bridge financing of €12bn plus potentially another €35bn for job creation. So the insolvent Troika is raising another €135bn to lend to a bankrupt nation that cannot even afford to pay the interest on the debt. This is really the bankrupt leading the bankrupt to perdition. Read the rest of this entry »