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EvG – MetallWoche Interview – May 11
16 May 2012
“In an audio interview with Michael Harwath of the German site Metallwoche (Metal week) on May 11, Egon von Greyerz discusses how one domino after the other is falling and that there will be contagion spreading throughout the European financial system. Egon [...]
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GOLD – WHAT CORRECTION?
11 May 2012
The precious metals markets have now been going sideways for around 7 months. No investors like corrections but in all bull markets there will always be periods when the price corrects. Some of these moves are bigger like in 2008 when gold [...]
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Swiss refiners are working flat out to meet demand
4 May 2012
Egon von Greyerz told King World News that Swiss refiners are “working round the clock because demand for gold is so massive.” Von Greyerz also said the financial world is headed into trouble that will be much worse than 2008. Here is [...]
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EvG says Sovereigns are buying and sees massive energy building in Gold and Silver markets
29 Apr 2012
In the recorded interview that Egon von Greyerz did with Eric King last Saturday April 28 Egon explains how energy is building rapidly in favor of precious metals with sovereigns now being the largest buyers of Gold. Click here to go the [...]
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Bank Failures, Disorder, Massive Panic & Gold
20 Apr 2012
Bank Failures, Disorder, Massive Panic & Gold “Yesterday in an interview with King World News Egon von Greyerz talks about how near many banks are to bankruptcy and how the dominoes in the financial system could soon start falling creating a major [...]
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G20 – Lies, damned lies and Gordon Brown lies
April 3rd, 2009 by Egon von GreyerzGordon Brown has really surpassed himself in creative alchemy. He has turned $100 billion of G20 new commitments into $5 trillion of air!
Take $100 billion of committed new money, add $500 billion of already committed money, add non-committed but discussed amounts of $500 billion and you present a headline lie of $1.1. trillion. But it gets worse, Gordon Brown then claims the largest fiscal stimulus in history of $5 trillion. This is another lie. The $5 trillion contains no new funds but only the IMF’s estimate of the rise in the G20′s government borrowings between 2008 and 2010.
Poor Benjamin Disraeli is turning in his grave when he hears these lies. (The phrase,”lies damned lies and statistics” originates from the former UK prime minister).
No real solution as predicted
As we predicted in our last Commentary, the G20 meeting did not reach any concrete agreements but focused on concocted headline figures. Even if the headline figure of $1.1 trillion had been real, it is a drop in the ocean in relation to the real requirements. The US has already spent or committed $13, trillion which is virtually equal to 2009 GDP. In relation to a world GDP of $50 trillion, the figure of $1.1 trillion is totally insignificant.
More importantly the G20 reached no agreement on what should be their only priority, namely toxic financial assets and derivatives. This is a $1 quadrillion problem , with potential losses of tens of trillions of dollars. The reason why this was not discussed is of course that there is no solution except for printing unlimited amounts of money.
Investors beware - physical gold is your only protection.
3rd AprilGold Switzerland - Matterhorn Asset Management
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Tags: G20 lies