Moves in Gold and Silver Will be The 1970s on Stilts
The comments below are an edited and abridged synopsis of an article by Egon von Greyerz
Von Greyerz’s long-standing target for gold of $10,000 in today’s money and much, much higher in inflationary terms is now more likely than ever. However, he hopes it will never be achieved. When gold goes to $10,000, it won’t be under the same circumstances that we saw in the 1970s. Gold at that time went from $35 in 1971 to $850 in January 1980—a 24-times explosion in very different conditions.
He discusses the UK in the 1970s—a series of crises; $300 gold in 2002 to $1,920 gold in 2011 was just the first leg; the trigger for the 2007 to 2009 crisis—synthetic CDOs—is back again; 2007 to 2009 was a rehearsal—the real event is still to come; gold and silver getting ready for launch; protection in gold and silver—at least 25% of financial assets.
