© 2012 by King World News®. All Rights Reserved. This material may not be published, broadcast,

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Egon von Greyerz continues:

“I look at the banks here in Europe and they are an absolute mess, even before the French downgrade.  We deal with French banks and they’ve had their lines cut by billions and billions.  They couldn’t trade, and that was before the downgrade.  It must be even worse for them now.  This is what you are seeing in a lot of banks around Europe.

This just confirms we are very near a massive package of QE here because if they don’t do it there won’t be any banking system left here in Europe.  Because of that I’m seeing big buyers coming into gold and even bigger buyers becoming very interested.  So there is definitely a shift. 

We are seeing steady demand, even as gold was turning down at the end of the year.  Now, in January, we are seeing demand keeping up, extremely strong.  So, there seems to be a totally different attitude to gold now and I expect for there to be incredible demand for 2012.  We are just seeing the very beginning of it.

Central bankers don’t even understand gold.  Most of them don’t even understand why they have it.  If you listen to (Fed Chairman) Bernanke, he doesn’t have a clue as to why the US has it.  As a matter of fact, as you know, he probably doesn’t have it anyway.  The US simply doesn’t have the 8,100 tons of gold they say they possess....

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“So the West doesn’t understand gold.  The West has sold most of their gold holdings.  There is only one game for Western central planners and that is staying in power and therefore printing more money.  That’s the only game they know and gold doesn’t really play a role in that game. 

Gold will play a role in the future when they realize the paper money is worthless, but, at that point, we will not see these present governments in power.  The East understands gold, China understands gold, India understands gold, but the West doesn’t and sadly that trend will continue.

Individuals will become more and more aware of the fact that gold is the only way to protect them from what is going to happen.  But at this point, of course, it’s only a very, very small minority that understands that.  That will change as we go further along in this cycle.

The bottom line is you cannot expect to have anything deposited or held within the financial system that is going to be yours when the day of reckoning comes.  Therefore, people must move their money out of the system and have it under their direct control, preferably in precious metals.

If you are all in the banking system, the risk is you will not have anything left.  KWN readers need to protect themselves because MF Global is just the first of many, many to come.”

When asked about silver specifically, von Greyerz stated, “There are shortages of silver.  It’s more difficult to get hold of silver.  We can see the intervention (manipulation), every day, in the silver market.  It trades down in Europe and then up in the East.  In spite of that the trend is clearly up.

I can see silver exploding in the next few months.  It should double in price in the next three to six months.” 

© 2012 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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