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Egon von Greyerz continues:


“Alf’s next target for gold is $4,500 and I think this silver target of $158 makes sense because that would put the gold/silver ratio just under 30.  I think we could see Alf’s targets of $4,500 gold and $158 silver this year or certainly in the next 18 months.  This is going to be a quick move.  In Elliott terms this is the 3 of 3, which is the strongest wave. 


I mentioned to you previously that gold has already broken out to the upside in its 3rd of a 3rd wave.  Silver hasn’t quite broken out yet and we need to see silver break above the $36 to $37 area to establish silver has entered this next leg higher, which according to Alf targets $158.


So, we’re not far away and the way I see silver now it’s going to happen very quickly (the breakout).  I agree also with James Turk that once silver clears the level I described, we could see $60 to $70 very quickly.  But we should see the more aggressive target of $158 in the next 12 to 18 months.”


Here a portion of what Alf Field had to say about how silver will get to $158:


“We can now attempt to make some price forecasts. Silver, as with gold, is starting intermediate wave 3 of Major THREE, which should be the longest and strongest wave in the bull market. It should certainly be longer than intermediate wave 1 which was the gain from $8.77 to $49.52, or +464%, as shown above.


Thus the gain in wave 3 of Major THREE should be larger than +464%. It should be a gain of at least 500%. Starting from the $26.39 low, a gain of 500% would produce a target price of $158.34 for silver. That is the number which equates with the $4500 price forecast for gold and produces a silver to gold ratio of 28.4 ($4500 divided by 158.34).


The gain in gold was forecast to be 200% for this move while the forecast rise in the silver price is 500%. Silver is again predicted to perform better than gold based on these EW calculations.”


When asked about the initiative in Switzerland to back the currency with 20% gold, von Greyerz responded, “We have what is called a gold initiative.  So there is a Swiss politician who has started the initiative to have to have the currency backed with 20% gold.  


I just talked to the politician who started this move and he said it’s going very well and he firmly believes they will get the 100,000 signatures that will lead to the referendum.  It’s a very interesting initiative and it’s too early to say how successful it will be, but it’s certainly on its way.” 


To read the previous KWN interview with von Greyerz CLICK 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.


Eric King

KingWorldNews.com

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