Today Egon von Greyerz told King World News that going forward the world is going to witness, “...unprecedented wealth destruction.” Greyerz, who is founder and managing partner at Matterhorn Asset Management in Switzerland, also said to KWN that gold will soar but in the midst of the rise, “There will be failing economies, higher unemployment, more QE, and extraordinary levels of social unrest.”
I would say that from now on, any economic number being released which is showing an improvement is probably either a fluke or a phony figure. We are not going to see growth in the next few months or even the next few years. If you look at the US, home sales are down 8%, durable orders are down, and debt is continuing to increase.
I believe that in the autumn of 2012 we are going to see real problems in the world, and there will be a series of negative events. There will be failing economies, higher unemployment, more QE, and extraordinary levels of social unrest. When QE is announced, I see a temporary rally in stocks. But at some point stocks will collapse. I’m not talking about mining stocks, but common stocks outside of the mining sector.
Read Full Interview @ King World News
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