Today Egon von Greyerz told King World News, “This is going to be one of the fastest moves that we’ve seen in this bull market (in gold).” Greyerz, who is founder and managing partner at Matterhorn Asset Management out of Switzerland, also said, “... silver is going to move a lot faster than gold.” He also cautioned, “... The ascent is going to be mind boggling.”
Here is what Greyerz had to say: “Eric, this is a good day to talk because the breakout we have been talking about is happening here and now. It had to come, both technically and fundamentally. We are always looking at this market from a fundamental point of view, but the technicals are now confirming the breakout.”
Egon von Greyerz continues:
“This is going to be one of the fastest moves that we’ve seen in this bull market. We are now talking about gold moving, without any major correction, to the next major target of $4,500 to $5,000. That might seem incredible, but it’s reality. This is a technical target.
“We could see those levels ($4,500 - $5,000 on gold) within a year and possibly much faster. This autumn we are going to have a very strong move.
If we look at silver, silver is going to move a lot faster than gold. The same technical target for silver is $150. That would move the gold/silver ratio down to 30/1. This is the type of move that is hard for investors to comprehend, but this will happen because we have had an energy building up in these markets for almost a year.
The release of this energy is going to unleash a massive move. This is not surprising because the destruction of paper money is continuing. Because the money printing is going to accelerate so much in the future, paper currencies are going to reach their intrinsic value, which is zero. We are well under way to that becoming a reality.
We are going to have a combination of short covering, coupled with investment and speculative buying in both gold and silver. So the coming move is going to be spectacular. The ascent is going to be mind boggling.”
The bottom line here is that people who are not yet invested in gold and silver must not wait for a pullback because this move will be relentless. I believe investors have to jump in now because this will be the last chance to buy gold and silver at bargain prices.