With continued uncertainty around the globe, today the man who has become legendary for his predictions on QE, historic moves in currencies, spoke with King World News about a devastating endgame the world faces and how they all sold the absolute bottom.

“They All Sold At The Absolute Bottom”
Egon von Greyerz:  “Western central banks have a real knack for timing the sale of their gold reserves. They are absolute experts when it comes to picking the bottom of the gold market. Central banks in the UK, Switzerland and Norway, to mention a few, timed their sales to perfection. The only problem is that they all sold at the absolute bottom between 1999 and 2004. That was of course the time to buy gold and not to sell. But the finance ministers in charge of Western economies have no understanding of economics. They don’t even understand that the absolute destruction of their paper money is always revealed by the gold price…

Continue reading the Egon von Greyerz interview below…

Egon von Greyerz continues:  “As central bank heads were embarking on the biggest credit expansion and money printing in history at the beginning of this century, they sold the only asset that they should have held on to. The UK Chancellor of the Exchequer in 1999 was Gordon Brown. After a 20-year decline in the gold price he sold 58% or 395 tonnes of the UK gold reserves between £160 and £185 per ounce. Today gold is £1,000 per ounce or almost 7x as high as when Brown decided to sell the UKs most valuable asset. Brown’s disastrous decision to sell the gold has cost the UK nearly $12.5 billion (see chart above and below).

Great Britain Sells Gold At The Bottom

Switzerland, which is a country that has very strong gold traditions, also made the wrong decision at the wrong time. They sold 50% or 1,300 tonnes of their gold between 1999 and 2005 at an average price of CHF (Swiss Francs) 505 per ounce. Another 250 tonnes were sold between 2007-2008 at CHF 780 per ounce (see chart below of dwindling Swiss gold reserves).

Today gold in Swiss Francs is 1,240 per ounce. The gold that my Swiss compatriots sold today would be worth CHF 34 billion ($34 billion) more (see chart below).

The Swiss Also Sold Gold At The Bottom 

But it is not just the fact that both the UK and Switzerland sold all their gold at the bottom. If they had understood the effect of their currency debasement policies, they would have bought gold instead of selling it. This is exactly what the Silk Road countries have done in this century. As the West has been selling, China, India, Russia and Turkey have acquired a staggering 28,000 tonnes of gold since 2000 (see chart below).

China, Russia, India & Turkey Acquired A Staggering 28,000 Tonnes Of Gold Since 2000

Finally, we have Norway which has never had significant gold holdings. But that didn’t stop them from selling all of their 33 tons of gold in 2004 for $450 million, which is 1/4 of what it would be worth today. Like many countries which have acquired their wealth by luck or theft, Norway became rich beyond their dreams due to their oil discoveries.….More Here