Egon von Greyerz met with a large group of individuals from China that manage money for the elite in China. They went to Switzerland to meet with Egon and this is a small portion of what they discussed:
Eric King: “Egon, they (the money managers for the elite in China) have virtually all of the high net worth clients into (physical) gold.”
The Chinese Know What Is Happening
Egon von Greyerz: “They’re all into gold. Absolutely. Yes, virtually all of them own gold. That’s what’s so interesting. The Chinese buying is continuously going up and up and up without stopping. The Chinese know what is happening. They know it and they will continue to buy gold. And one day that’s going to have a major influence on the gold price.
And when the paper market breaks, and China dominates the gold market, it’s going to be very interesting because I really look forward to the West failing in their manipulation of the gold price through the various paper markets and through the interbank market.
Again last month we saw imports of gold into Switzerland and then exports to Asia and India. Last month, over 70% of the gold import figures (into Switzerland) came from London and the United States.
We again see that Switzerland is buying the 400 ounce bars from the UK and US bullion banks and converting them into 1 kilo bars and then shipping them on to Asia. Last month there was hardly any buying from the mines. It all came out of London and New York.
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