Today Egon von Greyerz told King World News that investors will now see a stunning 186% move in gold as the financial system begins to implode and silver heads to $150. Here is what Greyerz, who is founder of Matterhorn Asset Management in Switzerland, had this to say: “Eric, when we spoke last time I said that what’s happening in the US with the fiscal cliff is like rearranging the deck chairs on the Titanic. The US is sinking with a yearly deficit of $1.5 trillion, and total liabilities, including unfunded liabilities, of over $7 trillion per year.”
Egon von Greyerz continues:
“But the fiscal cliff is just a minor issue which involves around $120 billion, at best, savings in a year. The US didn’t even succeed in rearranging those little deck chairs because cost-cutting has been deferred. I’m sure that in 60 days when this is brought up again they will not cut costs significantly because no one will accept cost cuts.