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New EW Silver Discovery – Alf Field Febr 2012
1 Feb 2012
Alf Field predicts $ 158 as the next target for silver Alf Field, my good friend and Elliott Wave Expert par excellence, has produced a superb analysis on silver forecasting that the next objective for silver is $ 158 which corresponds with [...]
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Gold Market Positioned for Massive Upside Move
31 Jan 2012
With Central Bank balance sheets exploding and no solution to the EU problems or the US deficits, unlimited money printing will accelerate. Egon von Greyerz covers these topics in two recent interviews with King World News and Metallwoche in Germany. King World [...]
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Die Metallwoche Interview with Egon von Greyerz
31 Jan 2012
Metallwoche international – presents Egon von Greyerz „Money printing everywhere“ With another EU- Summit just in front of us and Gold and Silber strengthening again, we speak to Egon von Greyerz not only about the market, but also about the worldwide debt [...]
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KWN interview with EvG Jan 23, 2012
26 Jan 2012
Eric King of King World News again had a brief telephone interview with Egon von Greyerz posted on the KWN blog on January 23. Von Greyerz – Gold Breaking Out, Will Hit New All-Time Highs The full interview before the not unexpected [...]
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GOLD CORRECTION IS OVER by Alf Field
12 Jan 2012
I am very pleased to share with our clients and readers my good friend Alf Field’s latest article on gold. Alf, who is based in Sydney, is one of the world’s most prominent forecasters on gold. He now believes that gold has [...]
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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