Egon von Greyerz continues:  

“Every time COMEX opens, it’s the same thing -- you see selling.  So there is clearly short-term manipulation, but it makes no difference whatsoever.  If you look at the gold price, in combination with world liquidity, you see that gold is going up hand-in-hand with increased liquidity.

That will continue, Eric, and since the money printing will accelerate, it’s very clear the gold price will also accelerate....

Continue reading the Egon von Greyerz interview below...


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“We have another eurozone meeting starting today, and as usual, Eric, they won’t agree on anything.  They can’t.  They are incapable, politically, to agree on anything.  As I’ve said, money printing will only start in earnest, in Europe, out of a panic situation.

In Spain today, bad debts are worse than ever.  Bad debt represents 10.5% of loans outstanding.  That’s 178 billion euros.  That is just beginning in my view.  It’s going to get a lot worse.  Of course that money will never be repaid.  In Greece we have another strike, this is protesting against austerity.  Sadly, the problems will continue in Europe.

There are real problems in the US, Eric.  We have a debt that can only continue to grow.  Neither presidential candidate has the political will or the ability to reduce the debt.  It would be political suicide for either of them to do it.  So austerity is not an option in the US. 

Look at what’s happened in the last few years.  Since Bernanke became chairman of the Fed in 2006, during those six years the debt has gone from $8 trillion to $16 trillion, while GDP has gone from $12 trillion to $16 trillion.  So debt has increased by $8 trillion, while GDP has only increased $4 trillion.

So it takes more and more debt to produce less and less return.  Without money printing taking place in the US, GDP would go backwards.  And since the deficits are increasing, so will the money printing.  We will see even more debt created in the next few years.  I’ve been talking about tens of trillions of dollars (of additional money creation), and I think that is the reality.”

Greyerz added this regarding Switzerland and their gold activities: “Eric, Switzerland has had a tradition of refining gold for a long time.  Out of the top six refiners in the world, the top 6 refiners produce 90% of all refined gold, and four of those six refiners are in Switzerland. 

So there is a longstanding tradition for Switzerland to produce gold.  This is why Switzerland must be looked upon as a country which will not confiscate gold, and not tax gold in a way that other countries do.  On top of that there are actually two initiatives taking place (in Switzerland).  Both of them are initiatives to introduce gold as a form of currency.  One initiative would make the Swiss currency backed by the government gold up to 20%.

But there is another one which in my view is very interesting.  We are actually supporting that one.  It is an initiative that will introduce a Swiss gold coin as a parallel currency.  This would be approved by government.  There have already been discussions with various people in Parliament who are looking upon this very positively.

People could use it (gold coins) as money.  And because of the tradition of saving and investing in gold in Switzerland, I think it has a very good chance (of passing).  Of course that would mean Switzerland would be very unlikely to ever confiscate gold if this initiative passes.”

This is a tremendous audio interview with Greyerz.  The above information was just a small portion of his incredible interview.  The King World News interview with Egon von Greyerz is available now and you can listen to it by CLICKING HERE.

© 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.

The interviews with James Turk, Egon von Greyerz, Jean-Marie Eveillard, Bill Fleckenstein and Art Cashin (UBS $612 billion) are available now.  Also, be sure to listen to other recent KWN interviews which included, Jeffrey Saut (R.J. $360 billion), John Embry, Gerald Celente, Rick Santelli, Michael Pento, and Don Coxe by CLICKING HERE.

Eric King

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© 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.

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