“We all know you cannot create wealth by printing money. If we could, we would all just stop working and print money.”
On the vote to back the Swiss Franc with 20% gold, von Greyerz says, “The whole of the elite were against us. Now, we thought the people, the Swiss people, would be on our side because the Swiss people understand the importance of gold.”
“They were clearly influenced by the massive campaign of the government and of the central bank. The losses for the Swiss National Bank could have been very serious, and that’s why they were quite desperate to stop this initiative.”
Egon von Greyerz goes on to say, “Switzerland now has to print money. The currency is only backed by 7% gold, and now they have a free-for-all to print more money.”
“This, of course, will be very bullish for gold because it won’t be just Switzerland. Virtually, every country in the world will start printing money. ”
Join Greg Hunter as he goes One-on-One with Egon von Greyerz, founder of Matterhorn Asset Management.
(There is much more in the video interview.)