Investment strategist John Embry says the market manipulation in physical gold and silver is coming to an end. How close? Embry says, “I think we are very close now in the sense that the physical supplies of both gold and silver are being diminished at a fast clip.
I just saw Indian imports (for gold) were up 176% in the latest month. . . . Basically, all this gold and silver is headed from west to east, and I think this is a very, very disturbing development for people who live in the west. The timing of it remains imprecise. I think because of the take down in the paper market is so aggressive, at this point, that there is something that is going on behind the curtain that suggests to me that things are getting very close to reaching a head.
We won’t know until it happens, but you got to be on the right side of the trade the moment it happens. You can’t be late.” Embry goes on to say, “I have never seen more negative sentiment in the sector at a time when both gold and silver are remarkably underpriced. I think gold and silver are as cheap today as anytime in their histories. This is in relation to the amount of money out there, the cost of credit, the cost of digging it out of the ground and etcetera. Nobody is interested in buying it, and to me, this is one of the great buying opportunities of all time.”
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On the subject of missing the overwhelming take down in the price of gold and silver since it peaked in 2011, Embry admits, “I think what we missed, and I have been thinking about this a lot, we didn’t fully understand the extent of the new financial innovation. What you have today between derivatives, high frequency trading, algorithm programs and what have you, you can do amazing damage to markets and put them almost anywhere you want. The only thing that can stop something in the case of gold and silver is there is a physical context to it.
It’s our opinion the physical supply of gold and silver is reaching critically low levels. When the day arrives, the pricing mechanism will turn over to the physical market, away from the paper market, and the people shorting the paper market are going to have a religious experience.”
On the price of gold going down to possibly $600 per ounce, Embry says, “I take exception to people who say gold will go down to $600 an ounce. If the price of gold went down that low, there would be no more gold mining activity. . . . Naturally, the paper shorts came up and crushed the (gold and silver) market at the beginning of September, and I think this will pass. The key thing is you must own physical (gold and silver) outside of the banking system.”
Embry thinks gold price suppression is a key factor in global monetary policy. Embry contends, “If the gold price truly reflected what is really going on in monetary policy today, I think real interest rates would rise quite significantly.
Given the amount of debt that is polluting the world banking system, to me, this is the end game, and that’s why it’s so vicious in terms of suppression right now.
When this turns, it is going to change a lot of things. That’s why they are being so aggressive on maintaining pressure on the gold and silver prices. Silver is especially suppressed. I don’t think you can dig it out of the ground for less than $25 per ounce.
It’s not like gold. There is not a huge above ground inventory.” Embry adds, “I have never seen it any more intense in terms of pressure in the paper market, which indicates we are near the end, and there is something seriously wrong with the system.”
Join Greg Hunter as he goes One-on-One with John Embry, Chief Investment Strategist at Sprott Asset Management.
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