Today Egon von Greyerz told King World News that silver is going to surge a remarkable 433% from current levels. Greyerz, who is founder and managing partner at Matterhorn Asset Management out of Switzerland, also said the move in silver could take place, “… in the next twelve months.”
Here is what Greyerz had to say: “Gold is now up 13% this year after having been up 19% compound annual growth in the last ten years. Gold is going up every year, paper money has been going down, and that will continue because of the amount of money printed.”
“I’ve been saying gold and silver, due to the fundamental and the technical factors, will go up dramatically, especially into this autumn and next year. So this would have happened anyway, with or without QE. The QE was just a catalyst. It had to happen, and it will continue to happen, whatever the politicians say or do.
So the targets of this move, before we have a major correction, are still $4,000 to $5,000 on gold, and $150 (a surge of 433%) on silver…..
“That could actually happen in the next twelve months.
Greyerz also added: “The euro is up 9% against the dollar in the last two and a half months. What’s happening is the dollar is actually falling. Why is the dollar falling? People worldwide were under the illusion that the euro was the basket case, but so is the dollar.
Right now the dollar is more exposed than the euro because of the problems in the US economy and because of the sheer weight of dollars that have been printed, and that are now going to be sold. So the next big fall in currencies will be the dollar.
Don’t believe that just because the euro is going up that it’s strong. If you look at the euro in gold terms, it is at the highs. It’s about 5 euros from the all-time highs. So in gold terms the euro is weak, like all other currencies are weak in gold terms. So the race of the currencies to the bottom will continue.”
To listen to the full interview with Egon von Greyerz click here.