Sunday, 28 July 2013

Gold and Silver to Surge in September?

"Governments and central banks have, for decades, leased or sold their gold to the bullion banks. So they are very likely to own very little of the 23,000 tons that Western central banks are said to hold.

But now bullion banks also have a problem: They tried to replenish their (physical gold) coffers during the massive manipulative selling that we’ve seen over the last few months in the paper market. Although they took the price down, most of the physical (gold) that was released by selling from ETFs and hedge funds was absorbed by Asia.

So the bullion banks are still massively short of physical gold. Eric, all of these physical shortage problems are likely to put enormous upward pressure on gold in coming months. And remember that this factor is in addition to the destruction of paper money we will see which will also put upward pressure on gold.

It’s important for investors to understand, and especially holders of gold and silver, that there are now several different factors which will propel gold and silver to much higher levels. As you know, Eric, I’ve said that within the next year we will see levels that will be a lot higher than the $1,900 mark we saw in 2011.
I see shortages everywhere, and I see real problems in the market with the bullion banks still under pressure. I am hearing that they (bullion banks) are under real pressure, and this is why we will see incredible upward moves (for gold and silver) starting in September."

- Egon Von Greyerz via a recent King World News interview:

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