Greyerz – High Net Worth Investors Pouring Money Into Gold
September 28, 2012
Today Egon von Greyerz spoke with King World News about high net worth investors who are continuing to invest in gold and move their existing gold outside of the banking system. Greyerz, who is founder and managing partner at Matterhorn Asset Management out of Switzerland, also said the correction in the metals is over.
Here is what Greyerz had to say: “Gold is at a weekly highly for 2012. In my view we have probably seen the correction. The action in gold and silver is very bullish. They go up to higher levels, they consolidate at the higher levels, with a very small pullback, and then they move higher. I see the next big move as being up.”
Egon von Greyerz continues:
“Sure we can always have a correction, but that’s not what I see right now. The fact that we are at a weekly closing high, if we close at these levels, is also bullish. So I don’t see the short-term being bearish, Eric. As a matter of fact, I see major upside moves in gold and silver over the next few weeks.
Interestingly, Deutsche Bank recently said their high net worth clients are buying physical gold. Barclays is now finishing one of the biggest vaults in Europe, which will be used to house physical gold and other metals….