- This Is Why Gold Will Hit $10,000 & Silver Will Eclipse $500!
When I had a quick call with Egon von Greyerz late Friday, he told me the gold market was going to explode higher on Monday. This was also in line with what Maguire was predicting on KWN and that’s exactly what happened on Monday as the gold shorts began to run for cover. Today Greyerz spoke with King World News and laid out the roadmap to $10,000 gold, and also explained why silver will eclipse $500. Below is what Greyerz, who is founder of Matterhorn Asset Management out of Switzerland, had to say in this powerful interview.
Greyerz: “Looking at the gold market, Eric, the physical buying continues and COMEX warehouses are getting emptied. Gold is also still in backwardation and all of that is very bullish for gold. The fact that producers are now talking about hedging is also bullish from a contrarian perspective. Hedging led to disastrous problems for the mining industry as gold entered its bull market. It literally bankrupted some companies.
For a while now I have talked about July as a turning point, and that has clearly happened now. The 22-month correction in gold finished on June 28th….
So all of the ingredients are now in place for enormous chaos in the global financial system and it is going to start this autumn. This is another fundamental reason why gold and silver have bottomed and will now begin a violent move to the upside. As I wrote on KWN yesterday, gold will trade above $10,000, and silver will eclipse $500 as the current global financial system collapses and the real chaos begins.”