"No double dip, it will be a lot worse"

The European edition of the CNBC Squawk Box programme, this morning at last had a guest who knew of what he spoke, rather than the usual non-thinking market automatoms, in one Egon Von Greyerz speaking live from Switzerland. A recent paper from this individual, which we presume prompted the interview, was published by Matterhorn Asset Management may be read in full from this link. The conclusion, which concurs with the thinking of this blogger over many years, is summed up in the title to this posting and indeed the paper itself! Challenged by the panel as to whether he was merely marketing his own product (goldswitzerland.com) he responded with a quote, which I have not heard before, along the lines that the price of gold (now above 1200 US dollars) was not out of line, given that, as throughout history, the price of one ounce still only buys one gentleman's suit.