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Egon von Greyerz told King World News that gold imports in China have ramped up considerably due to concerns about the world economy.
Von Greyerz, managing director of Matterhorn Asset Management AG, says that worries about the banks and the repeal of the gold tax in India have driven demand for bullion.
“Chinese imports of gold can only be described as massive right now,” said von Greyerz.
“The Chinese and the Indians will continue buying physical gold. The manipulation in the paper market has created strong demand everywhere. This is why people should ignore the paper manipulation.”
Von Greyerz is less sanguine about silver. Volatility has scared away investors, but he believes the upside is greater than gold.
Matterhorn Asset Management provides services for physical gold storage.
