Greyerz – Historic Shocker, A Difficult Road And A Major Short Squeeze About To Unfold
On the heels of a wild week, today the man who has become legendary for his predictions on QE, historic moves in currencies, and major global events, spoke with King World News about a shocker and what is really happening in the gold market.
A Historic Shocker
Egon von Greyerz: “There is a total misunderstanding of the role of gold and why it is so critical to own physical gold. Gold should not be bought or sold based on rumors or events. This week gold moved for totally the wrong reasons.
The whole Western world had forecast a Clinton victory. The Western media, which does no analysis but only reports what they are fed, spent no time trying to understand what the mood of the people was. It was exactly the same with Brexit. The elite in London, New York and the big metropolitan areas have totally different objectives than ordinary people…
“The change in trend in public reaction which we are seeing now is not just a temporary phenomenon. Ordinary people are tired of a small elite of bankers, industrialists and politicians helping themselves to unlimited power and wealth whilst normal people are getting poorer, with lower incomes and more debt.
And it is the masses which ultimately are responsible for repaying debt, which is increasing exponentially in most countries. They will of course not repay the debt because they can’t. Instead, they will suffer immeasurably when the global debt of roughly $250 trillion implodes, leading to a severe depression. The gap between the rich and the poor in the West is wider than ever. In the US, the top 0.1% have 22% of total wealth. And top professionals in the US have had an increase in real pay of 51% since 1973, whilst the average worker has seen a reduction of 4.6%. This a very dangerous trend and when the economic downturn comes, it is likely to lead to violent protests and social unrest.