Greyerz – Gold & The Incredible Financial Destruction We Face
November 1, 2012
Earlier today King World News published the extraordinary chart sent exclusively to KWN by Egon von Greyerz. In part II of his interview, Greyerz, who is founder and managing partner at Matterhorn Asset Management, discusses the incredible chart, and gives readers a shocking price for gold which is based on that ‘cubed’ chart.
Here is what Greyerz had this to say in Part II, along with his comments about the fascinating chart: “I discussed the real over-the-counter derivatives earlier, which stand at $1.1 quadrillion, and this is worldwide. Every time there is a problem in a bank it seems to be derivatives related, such as what happened with JP Morgan which recently lost $5.6 billion, and UBS which lost $2.3 billion.”
Egon von Greyerz continues:
“They have young people, many times in their 20s, coming in and having derivatives positions of tens of billions or even one hundred+ billion dollars, and these young people have no idea what they are doing. The individual from UBS, who is now defending himself, said, ‘I just came in to run these positions. I had no idea about this market.’ He is only 27 years old.
So you have inexperienced people taking massive risks, and running positions which amount to an unthinkable total of $1.1 quadrillion….