As we get ready to kickoff what promises to be a wild week of trading, today the man who has become legendary for his predictions on QE, historic moves in currencies, told King World News it’s all “illusions and lies” and warned the supernova debt bubble is about to trigger the death knell of the global financial system.

We Told Our Investors To Buy Gold At $300
Egon von Greyerz:  “To ride a bull market is like climbing a wall of worry. Most of the time the market seems to be consolidating or correcting. The bull market in gold fits that picture perfectly. It started in 1999 at $250 but very few got in at the very bottom. At GoldSwitzerland we instructed our clients to put 50 percent of their net worth into physical gold in 2002 while the price of gold was still near a historic low at $300, with a very strong belief that the world economy and financial system would have unsolvable problems…

Egon von Greyerz:  “We were also convinced that the price of gold would reflect these problems and this would be the best way to preserve wealth. Gold started to move at the end of 2002 and then soared to $1,030 in 2008. The price then came off by 35% to $680 as investors sold all assets during the Great Financial Crisis. But the correction was brief and gold was soon off to the races and reached $1,920 in September 2011. Since then gold has been through a long and arduous correction that ended at different times depending on in which currency you measure it. Against dollars, gold bottomed in December 2015. Although I wrote to our investors in the spring of 2011 that I expected a temporary top during the coming autumn, I certainly would not have guessed that 6 years later the price of gold would only be $1,300.

Most investors enter a market after a big rise and then often sit through a major part of the correction before they bail out. The best time to enter is when an investment is unloved and undervalued, but few have the courage to do that. Instead they wait until the media starts talking about it. At GoldSwitzerland we are fortunate to have investors who understand the role of gold from a wealth preservation perspective. These are investors who don’t see gold as an investment but as insurance and as protection against governments’ folly and total mismanagement of the economy and financial system. Governments hate gold because it reveals their deceitful actions. No government ever tells the people that as a result of their actions, the value of paper money always goes to zero. Since 1913 for example, the dollar has lost a staggering 98% of it purchasing power. And since 1999, the dollar is down 81% in real terms, measured in gold. 

We will, very soon, most probably in 2017, start the final phase of the dollar destruction when the value of the dollar eventually reaches zero. This sounds dramatic but we must remember that something which has already gone down 98% is guaranteed to finish the move by reaching a total loss of 100%. So all we have left now is the final 2% move for the dollar to reach its intrinsic value of ZERO! The only problem is that the final 2% loss, measured from today, means that the dollar will go down another 100% from here. This is likely to happen within the next 4-5 years. But it could go very fast once it starts. The $2 quadrillion of global debt, derivatives and liabilities could implode very quickly with governments’ futile attempts to rescue the system having no effect when we enter the next financial crisis. After all, when governments electronically create quadrillions of dollars, all governments will do is to squander it…..More Here