Greyerz – Gold, Silver, The US, Europe & The Tungsten Scare
September 21, 2012
Today Egon von Greyerz spoke with King World News about the US, Europe, the tungsten scare, what is happening in the gold and silver markets and what to expect from the latest rounds of QE. Greyerz, is founder and managing partner at Matterhorn Asset Management out of Switzerland.
Here is what Greyerz had to say: “I just wanted to say a few words because we’ve had another tungsten scare. Physical gold is the best way to protect investors from the destruction of their wealth. This is the ultimate form of wealth protection.”
Egon von Greyerz continues:
Now there are many things to consider. You should only have physical, and you must buy from reliable sources. We’ve seen many of these tungsten scares, and in our view you should buy gold from within the LBMA system. That is a guarantee for getting real gold.
I know many people inside the LBMA system and no one has ever seen a tungsten bar within that system. We certainly have never seen a tungsten bar. What we do regularly is melt down bars for clients. Clients that purchase the 400 ounce LBMA gold bars will ask for them to be made into smaller bars.
If we get hyperinflation and gold goes up the way we think it will, you don’t want to have the big bars. You want to break them down into smaller units. So we regularly send bigger bars back to the refiners to melt down, in order to get smaller bars for the clients….