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Egon von Gryerz continues:
“He talks about the stagnation of the labor market, which is in particular a ‘grave concern.’ Then, his final statement, is the most important thing for the Fed is to support economic growth and job creation. Then he says, ‘Taking due account of the uncertainties and its policy tools, the Fed will provide additional policy accommodation as needed, to promote a stronger economic recovery.’
Well, this is what I've been saying all the time because on the one hand he says he's not going to do it, on the other hand he says they will do it....
Continue reading the Greyerz and Norcini interviews below...
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“This is why it's not worth listening to what he says because they will do it, but they won't do it when people expect.
There will only be smaller amounts of orderly money printing on a regular basis, but the real one will come when there is a panic situation. There will be a panic situation in the US, in the eurozone, and the rest of the world. That's where, just like in 2008, we will have massive QE happening worldwide.”
Norcini noted this development in the COT: “The COT is a good reflection of what we saw on the price side, Eric. In both metals (gold and silver) you had a huge influx of speculative money, whether it's hedge fund money, large reportable (entities) such as CTA's, commodity pool operators, large private traders, and then the public.
They were all in there buying with a passion this week, while the usual suspects, the bullion banks and some of the swap dealers were all selling. We've got speculative money coming into these markets in a big way, and we've got big, commercial related selling, but that's been the course of these markets over the course of the last 10, 11, 12 years.
Speculators are buying, but that's what takes these markets higher. We've been lacking that speculative inflow. You and I have talked about that in some of our recent reports here, where we've discussed the sideways action in these metals, and how we've had a slow bleed-down in speculative interest.
That all changed when you took those resistance levels out on the charts. Now you've got all of that money coming back in, and that's what's being picked up on those COT reports right now, Eric. I would expect that to continue as long as these markets trend higher because that's what's going to be driving them is the return of the speculator.”
The tremendous audio interview with Egon von Greyerz covering gold, silver and more is available now and you can listen to a continuation of Dan Norcini’s interview in the KWN Weekly Metals Wrap 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, Art Cashin (UBS $612 billion), Agnico CEO Sean Boyd, John Hathaway and Eric Sprott are available now. Also, be sure to listen to last week’s line-up of other KWN interviews which included Jean-Marie Eveillard, John Mauldin, Gerald Celente and Ben Davies by CLICKING HERE.
Eric King
Critical Changes Impacting The Gold & Silver Markets
On the heels of the spectacular surge in gold and silver, Egon von Greyerz and Dan Norcini update King World News listeners on the critical developments taking place in both markets. Norcini discusses the crucial changes in the COT structure, but first, Egon von Greyerz, of Materhorn Asset Management out of Switzerland, had this to say about Bernanke’s speech: “On the one hand he says we shouldn't expand the balance sheet further because that isn't good for the finances of the Fed. But on the other hand, and this is the important statement at the end of his speech, he talks about daunting economic challenges that confront our nation.”
© 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.
September 2, 2012
