An ethical person - like a politician, banker or lawyer - may know right from wrong, but unlike many of them, a moral person lives it. An Americanist first already knows that. Bankers and their government agents will always act in their own best interests. Any residual benefit flowing down to the citizens by happenstance will just be litter.
Thursday, September 8, 2011
Embry - JP Morgan Trapped Short in Silver, Gold Strongly Bid
Posted by
Charleston Voice
With continued volatility in both the gold and silver markets, today King World News interviewed John Embry, Chief Investment Strategist of the $10 billion strong Sprott Asset Management. When asked about the action in gold and what he is doing with his own money Embry replied, “I’ve been buying gold shares, I mean this is no different than the smash that we had a couple weeks ago when they (the cartel) took it from $1,900 to $1,700. One of the reasons for the takedown is they know what’s coming. You’ve got the Fed meeting on the 20th and 21st but they are not going to solve anything. It’s the same suspects doing the same games and it will end the same way.”
“I don’t know whether the bottom is in or whether we have to put up with a little more aggravation, but the reality is the next big move is going to be to the upside and this is all just noise. It’s been said by other people there is going to be so much volatility in this sector that it’s going to feel like your hair is on fire, but the fact is you’ve got to be long on any weakness.”
When asked about the Swiss pegging their currency to the euro Embry responded, “In a world in which manipulation wasn’t predominant in markets, that news should have sent gold screaming up $100, not down $100. With their currency getting too strong and impacting their economy, they (the Swiss) have hooked themselves up to the euro, which looks like a depth charge. This is a very bullish development for gold.”
“They are also well aware that all of these US dollars they have piled up in reserves, trillions of dollars worth, are at the risk of severe debasement. To me that just ensures there is a bid for gold at a very solid level from the Chinese alone. These guys understand what the true nature of the (gold) market is.”
When asked about silver specifically Embry replied, “The noted bullion bank, and we all know who it is, has an enormous short position (in silver), which can never be covered with real metal. They are moving heaven and earth to try to prevent the inevitable price rise. They will be overcome and the price will go berserk as a result of that. So once it clears $50, which I suspect it will do in the not too distant future, it’s onward and upward.”
When asked about the mining shares Embry stated, “It’s like a coiled spring, they are getting ready to explode and I couldn’t be more bullish on gold stocks and silver stocks.”
I have known John Embry for close to a decade and the man puts his money where his mouth is. He was buying gold shares today and John buys big. John Embry’s outstanding KWN audio interview will be available shortly and you can listen to it by CLICKING HERE.
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Eric King
KingWorldNews.com
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