Egon von Greyerz told King World News what to expect for the rest of this year as well as for 2013 :
“We are entering one of the most worrying times in history, maybe even for centuries or even for a millennia. I think we are going to see a turn in the world economic situation that is going to be long and extremely difficult.”
Greyerz had this to say regarding gold: “The Dow/Gold ratio reached almost to the low for the year now. But that’s nothing because I am expecting the Dow to fall a further 90% against gold in the next few years. The Dow should collapse vs gold next year as it will begin to reflect the underlying economy.
Gold will continue to strengthen because of what is happening in the economy and the risk in the system. Gold will continue to express the money printing, and will start a major move to the upside. I think gold will reach targets that are unthinkable to most people.
The reason for this is gold will be the only way to preserve your wealth and your purchasing power. In my entire investment life I have never seen such an easy decision as the one to hold gold. There are still less than 1% of the world’s assets in gold.
What is now unloved and misunderstood, will be a must own in the future. Eventually everybody will know the gold price. Right now, virtually nobody knows the price of gold. So 2012 will be the end of an era, and 2013 will start a horrible period in history.
Investors need to organize their affairs. If you have some savings, then buy gold and store it outside of the banking system. There will be positive outcomes for gold and silver holders in what will otherwise be a very difficult time period.”