As the world edges closer to the next crisis, today the man who has become legendary for his predictions on QE and historic moves in currencies told King World News that we are now on the cusp of a historic breakout in the gold market.
An Important Day For The Gold & Silver Markets
June 7 (King World News) – Egon von Greyerz: “Eric, I think this is an important day for the gold and silver markets. We saw the first test of what I call the ‘Gold Maginot Line’ — that defense line — at $1,350 gold. In February I put out an article on King World News about that line being significant because it goes back six years. It was rejected off that resistance line in February. And these long-term resistance lines, you have to test them twice, maybe three times before you go through them. But at least we have now broken that downtrend line from February both in gold and silver. This is not the Gold Maginot Line but the downtrend from February. Gold has broken up through that level, clearly broken through that level, for the third of fourth day for both gold and silver. That’s why I call this move significant.
On The Verge Of A Historic Breakout In The Gold Market
The Maginot Line was supposed to protect France from the Germans. It was believed to be impregnable. That is what the people holding the price of gold down believe — that the Gold Maginot Line is impregnable. But just like the Germans went around to the weakest point of the Maginot Line, gold started breaking through that line in many currencies first (that are not dollar based) like Swedish kroner, British pounds, Canadian dollars, Australian dollars, etc. So in most currencies gold has already broken through the Gold Maginot Line.
Now we just need a clear break through the $1,350 level. Whether we see that breakout this time or later is irrelevant. We will break through the Gold Maginot Line. And that breakout in the gold market will be very significant.KWN has now released this important audio interview discussing the breakout in the gold market and what to expect next and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.
***Also just released: WTF? Citi: Gold “Coiling” For Explosive Move Higher, Possibly $1,700+ CLICK HERE TO READ.
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