“When elephants and central bankers (with wings) fly, don’t hold gold”
This is what Egon von Greyerz recommends in this 25 min. interview with Jan Kneist of Investor Talk.
Egon suggests that they will all fly when: “There are no deficits……, no inflation….., no debasement of currencies ….., strong statesmanship based on real values”!
All very unlikely in the foreseeable future according to Egon. Thus the case for gold and wealth preservation is stronger than ever.
Jan and Egon also discuss increasing pressures on ordinary people with declining food sales in Germany and France due to price increases around 20% and the increasing in housing costs both in Europe and the US, leading to a major increase in evictions. The commercial property sector is also under tremendous pressure in Europe and the US due to higher rates and lower occupancy.
Also credit portfolios are deteriorating rapidly, with a high risk of the banking crisis, which started in mid March, resuming with a vengeance.
The BRICS meeting at the end of August in Johannesburg is much discussed in the media. Egon believes that it is premature to expect a gold backed BRICS currency at the August meeting. What is probable is that the commodity rich BRICS countries will no longer hold the dollar as a reserve asset but instead gold.
The consequences of these events make the case for physical gold as a reserve asset for investors self-evident.
0:55 Egon’s views on Crypto news
3:05 Inflation will remain high, forcing consumers to save
6:32 Housing and Property Cost increases, USA evictions exceeding pre-pandemic levels
10:20 Payroll employment – The US jobs market is still being equated with the strength of the US economy. a fake?
13:21 According to official figures, the USA has grown much faster than Europe since 2008
15:15 Are Banks Still in Shambles? The US banking crisis is far from over
18:43 A gold-backed BRICS currency is doubtful, the dollar nevertheless continues to lose
24:10 When should you NOT hold gold?