Greyerz – Silver Will Have To Hit $950 To Equal The 1980 High
Today the man who has become legendary for his predictions on QE and historic moves in currencies and metals said the price of silver will have to hit $950 to equal the 1980 high.
November 15 (King World News) – Egon von Greyerz:I have never seen a clearer picture for preserving and enhancing wealth than today. More on that at the end of this article.
There are no real markets. Financial markets are a casino with wild players buying and selling paper assets as if they were chips. We just saw clear evidence of that in gold a week ago. The gold price went up $100 from $1,860 to $1,960 in 5 days and then crashed $100 in 5 hours. The alleged triggers were a Covid vaccine and a Biden victory.
A vaccine that needs -70 degrees Celsius and is not properly tested is hardly the saviour of the world at this stage. And a Biden win is not guaranteed but seems more likely if Trump cannot pull a rabbit out of the hat.
GOLD $100 RISE AND $ 100 FALL ALL IN THE PAPER MARKETThe proof offake markets can always be found in the underlying real market. When gold rose $100 and then fell $100, the Swiss refiners, who refine 70% of the gold in the world, reported very low physical volumes both on the buying and the selling side.
As usual, these fast moves in the precious metals take place in the paper markets where the casino players can shuffle billions of dollars of paper gold and silver. And they canexecute these paper moves with out ever touching an ounce of the underlying gold or silver bars…