On the heels of the Fed decision and subsequent surge in the gold price, today the man who has become legendary for his predictions on QE and historic moves in currencies and metals warned investors to brace for major volatility because the price of gold will eventually move hundreds of dollars in a single trading day.
FOMC & Gold
July 29 (King World News) – Egon von Greyerz: “If you hold physical gold for long term wealth preservation purposes you never have to worry about the Fed’s short term decisions. History tells us that the Fed will continue their mismanagement of the economy and the currency. Due to the Fed’s manipulation and money printing there are now no real markets…
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It is obvious that the Fed will continue the same game since they have no other options. That won’t stop the Fed’s continued manipulation and regular smashes of the gold price with the help of the bullion banks. But they won’t do it when everyone expects it and this is why it didn’t happen today.
Gold Should Go Higher Before Correction
Gold will probably run to $2,000-$2,100 before we see the next big smash orchestrated by the Fed and the BIS. That correction could take place when the stock market craters. While stocks continue to be weak, that gold correction will be relatively short lived. But remember that the Fed is gold’s best friend. Meanwhile, the US economy is standing on the precipice and the Fed will continue to solve the debt problem with more debt as they have no other means. In the end, they will fail and so will the US economy and the dollar.
Therefore, as a gold investor you know that the Fed will work hard for your asset to benefit. So don’t worry about short term moves in gold because gold is now in a secular bull market. Or more correctly, the dollar is in a secular bear market and doomed. When the dollar goes to ZERO, gold will be at a level that few can imagine today. But remember that you are not holding physical gold for capital gains but as insurance against a rotten system and failed currency.
Gold To Move Hundreds Of Dollars A Day
We are going to see gold move up to $5,000, $10,000 and probably even higher because of the Fed and other central banks’ destruction of their underlying fiat currencies. We are already seeing volatility but it’s nothing compared to what we will see. It’s inevitable that we will see the gold price swinging hundreds of dollars in a single trading day. You haven’t seen anything yet.
In case you missed it…
Multiple High Grade Gold Assays Over Wide Intervals
Bryan Slucharsuk: “Eric, we have just received our first assay results from this program and I am very pleased to report to you that our initial holes have encountered multiple wide cuts of high grade gold. This is an exceptional start to drilling and the high gold grades are going to create a lot of attention.
Spectacular Gold Intercepts – And They’re Just Getting Started
Today, Fosterville South announced some spectacular gold intercepts. Investors can view the Fosterville South News Release for full details but results include holes such as GMDH28 which records core length 39.5 meters at 7.25 g/t Au from 118.6m including 10.6m at 17.1 g/t Au from 137.85m and drill hole GMDH26 which records core length 5.8 meters at 18.4 g/t Au from 91.8m including 4.6m at 22.68 g/t Au from 93m. Also note, that in drill hole GMDH28, three occurrences of visible gold have been observed over a drill length of 12 meters located on fractures and within quartz veins.
Mineralization Open Along Strike & Depth And Drilling Is Accelerating
Drilling is ongoing with two drill rigs currently turning at Golden Mountain. The mineralization is open along strike and open at depth so we are incredibly excited. In fact, in the past few days, our team in Australia have quietly staked another 400 square kilometers for Fosterville South and therefore have tied up the prospective ground contiguous with our Golden Mountain claims. With high grade gold results like this, we wanted to make sure to have everything around us tied up and consolidated.
My personal belief, Eric, is that this gold bull market is just getting started and it is a once in a generation opportunity. And for us to have these types of high grade gold results at the start of a drill program in one of the top jurisdictions in the world is incredibly exciting. I can’t wait to talk again in the near future as more gold assay results flow from our increased drilling activity at Golden Mountain. Fosterville South, symbol FSX in Canada and FSXLF in the US.
Legend Pierre Lassonde gave an an incredibly powerful interview to King World News discussing where the gold market, gold industry, and mining stocks are headed, and what he had to say will surprise a lot of people around the world. To find out why legend Pierre Lassonde says the upside on gold is unlimited and much more click here or on the image below.
FOMC: Bullion Banks May Be Forced To Push Gold Price Even Higher
***ALSO JUST RELEASED: Gold Spiking Toward $2,000 Post-Fed Decision, But Here Is The Really Big Surprise CLICK HERE.
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