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Gold and financial expert Egon von Greyerz says don’t bet on paper wealth to make you money. Von Greyerz predicts, “I think currencies worldwide will continue to come down, and the dollar is overvalued and is going to come down. Of course, that will mean people will start selling bonds. We know that the bond market is the biggest bubble in the world.
So, what is the timing of the coming calamity? Von Greyerz admits he does not know, but contends, “We are not just talking about the U.S., we are talking about a global level. . . . Once it turns, it is going to happen very quickly. So, when will the turn come? The turn will not only be in the credit markets, but it will also be in the stock markets, and there will be a total loss of confidence. I am happy to admit that I thought these things would have happened already. I have been premature, but I look at risk. To me, you have got to buy your fire insurance before the fire, and we are likely to have a fire in the near term future.”
Join Greg Hunter as he goes One-on-One with Egon von Greyerz, founder of Matterhorn Asset Management.