Jean Marie Eveillard continues:

“With the Italians and the French too, I must say, in the post World War II period they love to devalue every now and then.  All of the sudden you have the same monetary union, you have the same currency as the Germans, so you can no longer devalue.

What Italy is suffering from, of course, together with Greece, Spain and Portugal, is the fact that the euro is twelve years old and over the past twelve years Italy, Greece and a few others, they are no longer truly competitive.  And they don’t have the alternative of devaluation.

Let me put it another way.  The Germans see themselves as the ants and they look at the Greeks and the Italians as the grasshoppers.  The ant was busy all summer, didn’t sing, didn’t dance.  Come winter, the ant is not particularly eager to help the grasshopper.”

When asked about gold specifically, Eveillard responded, “I think the secular bull market continues.  I mean today the price is weak.  I remember in late 2008 the price of gold was going down, in spite of the fact that I thought the financial crisis was extremely helpful for the gold outlook....

Continue reading the Jean Marie Eveillard interview below...


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“I don’t know when the end game will be, whether it’s in six, twelve, eighteen months, who knows?  But the end game is extraordinarily positive for gold.  I mean one has to keep in mind that at some point the authorities will try to punish the gold holders.

During the days of the Weimar Republic, in the early 20s in Germany, with hyperinflation, the government made sure the ownership of gold, not just the purchase of gold, but the holding of gold was illegal.

I’m not saying that the American government is going to confiscate the gold.  Franklin Roosevelt did it, admittedly, but I think today it would be a lot more difficult to confiscate gold.  But maybe taxes will be increased for owners of gold.  

The authorities will try to punish the investors in gold.  But that will simply delay the ultimate peak in the bull market for gold and I think we are far away from that.”            

When asked if the Italians would sell their gold, Eveillard replied, “It would make a terrible impression.  It would be the idea that, ‘Gee, they are selling the family jewels,’ if they were to do so.  It would be a little bit like the IMF at the beginning of 2010 sold 200 tons of gold.  It was India that bought it. 

The gold price subsequently went up because I think it was interpreted as gold moving from the weak hands of the IMF, to the strong hands of India.  The idea is the West is declining.  The West, which dominates the International Monetary Fund, is declining and the East is rising.”  

The extraordinary KWN audio interview with Jean-Marie Eveillard is available now and you can listen to it by CLICKING HERE. 

© 2011 by King World News®. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.  However, linking directly to the blog page is permitted and encouraged.

Eric King

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© 2011 by King World News®. All Rights Reserved. This material may not be published, broadcast,

rewritten, or redistributed.  However, linking directly to the blog page is permitted and encouraged.

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