Von Greyerz – Chinese Imports of Gold are Massive Right Now
April 10, 2012
Today Egon von Greyerz told King World News that although Italian banks are currently under attack, pressure will make its way into Portugal and eventually the UK as well. Egon von Greyerz is founder and managing partner at Matterhorn Asset Management out of Switzerland. Von Greyerz also said he is seeing large money flows into gold, and over in Asia, Chinese imports of gold are “massive.” But first, here is what Greyerz had to say about the action in gold: “We are going sideways at these levels, but I’m still of the opinion the next move, in coming weeks, will be to the upside. The news flow that is coming out every day continues to reinforce our position.”
Egon von Greyerz continues:
“We talked about Spain last week and the problems in the Spanish banks. Now the Italian banks are being attacked. The Italian banks are down almost 10% in the last two days. Also, spreads are widening dramatically in the German bonds.
So, here we are as we have always expected. Italy is next, just like Spain. This is a never-ending story, Eric. The problem is that investors are in denial. People are not seeing the massive catastrophe that is just around the corner. Most investors are living in an illusion that things will work out in the end. So, we have Spain, we have Italy, Portugal, and the UK will also be a big problem.
Of course, at some point the dollar will crash. This is when we will really see gold moving up. All of this is still to come, which is why people should take advantage of corrections to accumulate physical gold and physical silver. We are continuing to see very large flows of capital into physical gold on our end….