On the heels of the $50 takedown in the gold market, today the man who has become legendary for his predictions on QE and historic moves in currencies and metals told King World News that there are major physical shortages in the LBMA and futures markets.
Brief Dip Before Major Upside Wave In Gold
February 4 (King World News) – Egon von Greyerz out of Switzerland: “Eric, I’ve been expecting a final move down in what has been a lengthy correction into the $1,700s. The bottom could be $1,750 or even slightly lower. But, Eric, my anticipation has been purely based on the technical picture in the short-term and the technical picture is very clear, this is the final move down before another major upswing in gold and a very long lasting and strong wave. So whether this takes a week or even less, I don’t know, but this is the final move down, and this does not worry me in the slightest because it clears out the technical stuff so that the next move is going to be a major one to the upside…
Listen to the greatest Egon von Greyerz audio interview ever
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They Are Getting More Desperate
And, Eric, what is important is that there are major shortages in the LBMA and futures market. The reason for this is the BIS — through the bullion banks — is creating gold through the swaps that they are allocating to the bullion banks in order to cover their positions. So they are creating paper gold and this is why we are seeing massive turnover in the paper market on a daily basis, which is several times daily or annual global mine production. That manipulation is still going on but I think they are getting more desperate. This is happening because we are near the end of this paper market scam.
Killing The Market And Sending Gold & Silver To All-Time Highs
As I wrote last week, too much paper is poisonous, and this is a poisonous market that eventually will kill that market and clean up all of those paper shorts. It might take a little time but I have patience, I have patience. All that is required now for investors around the world is to be patient and the market will reverse in a huge way, smashing through the previous highs in both gold and silver.
Now Is The Time To Buy Gold & Silver
Eric, I would like to add that this is a major buying opportunity. Instead of investors being scared, they should buy here when it corrects because this is a perfect moment to buy gold rather than waiting until it goes up like a lot of investors did at the end of last week. Now is the right time to buy.”
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BULLISH ON SILVER: To listen to Rob Arnott, the man who helps oversee $160 billion, discuss why the silver market could be the next to skyrocket and much more CLICK HERE OR ON THE IMAGE BELOW.
To listen to Alasdair Macleod discuss the fact that there is virtually no liquidity in the London silver market which may lead to a massive short squeeze in silver as well as the Reddit and Robinhood army of traders entering the silver market CLICK HERE OR ON THE IMAGE BELOW.
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Also released! REDDIT TRADERS TARGET SILVER: Man Who Oversees Nearly $160 Billion Says Silver May Be Poised To Skyrocket CLICK HERE TO READ.
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