Greyerz:  “Eric, this is the year that major changes will happen in the world.  The end of the 5-year bull run in global stock markets is now imminent.  The decline may begin at any time.  Also, the long bull run in global bond markets is also over....

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“This means significantly higher interest rates in the future.  Governments cannot afford higher interest rates and neither can most individuals.  At this critical moment in time the mainstream media has increased its propaganda as the global economy is turning down.

The harsh reality is that the world can never get out of this massive debt mountain and economic mess without major suffering.  Governments will react as they always have with more money printing.  We are now simply in a short phase that is the calm before the storm.

What will be the catalyst to trigger the violent turnaround in the world economy?  Because of the fragility of the situation, the black swan or black swans can come from anywhere.  It’s just like the start of an avalanche -- it’s the last snowflake that triggers the disaster.  Investors just need to prepare themselves because life is going to be a lot harder in the future.  But for holders of physical gold, silver and precious metals stocks, 2014 will be a very interesting year.

As King World News reported with those remarkable charts, gold is now more oversold than at any time in history.  This technical rebound will just add fuel to the precious metals explosion that will start in 2014.  There are other factors such as money printing which will be massive.

The physical situation in the gold market is also extremely interesting because central banks in the West are supposed to have 23,000 tons of gold.  But, Eric, until the Western governments prove this to us with independent physical audits, we will have to assume that they only have a fraction of this gold, or nothing at all.

As we know, no central bank has had a proper audit since President Eisenhower’s days in office.  Most central banks also keep their gold outside of their own country.  It is in places like New York, London, or Paris.  This shell game takes place because the gold is not there.  It has already been sold or leased into the market.

Both Finland and Sweden recently admitted that most of their alleged gold holdings are outside of their countries, and traded in the market.  And Germany can’t even get a small portion of their physical gold back from the US Fed until 2020.  Why?  Because the Fed doesn’t have it.  It doesn’t exist in their vaults.  It’s already been sold.

And the Bank of England very recently lost a staggering 1,300 tons of physical gold without any explanation.  So what we have seen lately in London are major amounts of 400-ounce gold bars have been transported to Switzerland.  They are than melted down and sent to China and India in 1 kilo and 100 gram bar forms.  Eric, this is clearly central bank gold which the bullion banks have been holding on behalf of the central banks.  This is why the bullion vaults of the Western central banks are virtually empty, as recently reported.

The other thing that is happening is that a major amount of private vaults are being built around the world.  Why?  Not because there is more gold produced, but because gold has left the central bank and bullion bank vaults in massive quantities and been shipped to these private vaults in China, India, Switzerland, Singapore, the US and many other places.

Again, the gold filling these vaults is ex-central bank gold.  At best these central banks have a paper claim on this gold, through the bullion banks, which is now in those private vaults.  So they will never get that gold back.  At worst they don’t own the gold anymore at all.  Meaning, they don’t even have a paper claim.  People have demanded proper physical audits but the Western central banks have refused.  Therefore, we must assume that the gold isn’t there. 

Eric, this is why investors must hold physical gold outside of the banking system in safe vaults, in safe countries.  This is also why investors must never hold paper gold because the holders of paper gold will not receive any gold, and quite possibly no money either because the paper gold market will simply default.  The bottom line here is this is one of the most critical times in all of world history for investors.  Investors who are prepared will survive what is coming, and people who are entirely in paper inside the banking system will be destroyed.”

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