"Now, if we look at the precious metals, physical gold and silver are still the best way to preserve wealth, as long as they are stored outside of the banking system. This is probably the only way people will be protected from what’s going to happen. There are still shortages of physical gold. Also, the cost of mining has gone from $300 an ounce in 2004, to $1,200 today, and if we add to that the strike in South Africa of 80,000 mine workers, all of this will serve to reduce production even further. There is no change in my forecasts for gold and silver. I see a very strong 12 months coming. My short-term targets are still the same -- $2,500 for gold and $70 for silver. Of course they will be much higher thereafter.” -Egon Von Greyerz...Matterhorn Asset Management
Posted on: Mon, 09 Sep 2013 15:52:48 +0000
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