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We are in a number of crises: the sovereign crisis, a banking crisis, an economic crisis and a social crisis. The first three crises together are guaranteed to bring down the world economy because they are not just in one country, they are worldwide….A social crisis will develop leading to even more social unrest. All of these factors are why this will ultimately lead to a hyperinflationary depression – the most serious depression the world has ever experienced – and why investors have to focus on protecting their wealth.
So says Egon von Greyez in paraphrased excerpts from his interview with King World News which can be read in its entirety here.
Lorimer Wilson, editor of www.munKNEE.com (Your Key to Making Money!), has edited the article below for length and clarity – see Editor’s Note at the bottom of the page. This paragraph must be included in any article re-posting to avoid copyright infringement.
von Greyerz concludes his remarks by saying:
“Investors are under the illusion that the system will continue, but it won’t. This is why investors have to focus on protecting their wealth. I’m still of the firm opinion that the only investment that will protect investors purchasing power is physical gold, stored outside of the banking system. Gold cannot be printed, it cannot be destroyed, and it will continue to act as money as this crisis deteriorates even further….
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In the short-term gold is like a bouncing ball. The swings are getting smaller and smaller. The price of gold has simply gone sideways for ten months, but now the range is narrowing. While gold may experience short-term pressure, the next big move is going to be on the upside, and investors need to be positioned for that.”
Editor’s Note: The above article may have been edited ([ ]), abridged (…), and reformatted (including the title, some sub-titles and bold/italics emphases) for the sake of clarity and brevity to ensure a fast and easy read. The article’s views and conclusions are unaltered and no personal comments have been included to maintain the integrity of the original article.
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