- $300 Trillion In Derivatives Losses To Lead Gold’s Rebound!
Today Egon von Greyerz warned King World News that the global derivatives market has already suffered a staggering $300 trillion of losses. These massive derivatives losses, which are being hidden from the public, will help lead the rebound in gold as it begins the next of its bull market. Below is what Greyerz, who is founder of Matterhorn Asset Management out of Switzerland, had to say in this powerful interview.
Greyerz: “A few years ago when the problems in Greece started, it was found that the Goldman Sachs had helped them to hide the real truth of their economy by a major derivatives positions.
Now we’ve found out that Italy has done exactly the same thing. They took out derivatives in order to meet euro criteria back in the late 1990s. They had a total of $31 billion of derivatives and now they are finding that at least $8 billion of that is worthless. That’s about 30% of the entire position….