On the heels of the blockbuster interview with London metals trader Andrew Maguire, where he told King World News he brought two JP Morgan gold and silver whistleblowers to a high profile law firm, and also to the CFTC, today 42-year veteran Egon von Gryererz sent KWN the following piece which gives readers a snapshot of what to expect in the aftermath of such an extraordinary development. Below is the powerful Egon von Greyerz piece.
Continue reading the Egon von Greyerz piece below.
Eric King’s interview with Andrew Maguire about JP Morgan’s manipulation of the gold market is probably the most important confirmation of what gold market participants have known for years. This is not just a validation of the most blatant rigging of the only market in “real money” but also an extremely important market moving event.
Since KWN published this interview on Friday afternoon, New York time, gold has moved up $20 in after hours....
“This is at a time when Europe is closed and the Far East is closed. I cannot remember the last time the market moved up this much in after hours on a Friday evening.
KWN and Andrew Maguire have given us the confirmation of what we have known for years, namely that the gold market is not a free market but totally manipulated by governments and central banks through their favorite conduits in the guise of the bullion banks.
For a very long time governments and central banks have covertly sold and leased their gold holdings to the bullion banks in order to suppress the price of gold. But they have not just intervened in the physical market but also manipulated the paper gold market which is roughly 100 times greater than the physical market.
This suppression of gold is Western governments’ desperate attempt to conceal the destruction of the value of paper money by unlimited printing and credit. Most currencies have declined 97-99% in value since the creation of the Fed in 1913. And since 1999, money is down around 80% in real terms, which of course is gold.
Debt worldwide is now expanding exponentially. With absolutely no possibility of stopping this debt explosion, we will soon enter a period of unlimited money printing leading to a total destruction of paper currencies. The consequence will be a hyperinflationary depression in most major economies.