Gold Headed To Old High, But Gains In Silver Will Be Historic
With the price of gold and silver soaring, today John Embry told King World News there is going to be a continued massive surge in the gold price, but the gains in silver will be “historic.” Embry spoke at length about the gold and silver markets, the Fed and the mining shares. Below is what Embry had to say in this powerful interview.
Embry: “I’m focused on the better tone in the gold and silver markets. It’s been a long struggle, but with all of the information that’s come out recently regarding how tight the physical market is and the fact that the paper gold market really is one of the greatest Ponzi schemes of all-time, I think we could finally be on the cusp of a huge move in gold.
Embry also added: “The
mining shares have been through a tragedy, and a lot of these companies
are impaired. But for those companies that aren’t impaired I think you
are going to see the greatest bull market gold and silver mining shares
that has ever taken place.
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With the price of gold and silver soaring, today John Embry told King World News there is going to be a continued massive surge in the gold price, but the gains in silver will be “historic.” Embry spoke at length about the gold and silver markets, the Fed and the mining shares. Below is what Embry had to say in this powerful interview.
Embry: “I’m focused on the better tone in the gold and silver markets. It’s been a long struggle, but with all of the information that’s come out recently regarding how tight the physical market is and the fact that the paper gold market really is one of the greatest Ponzi schemes of all-time, I think we could finally be on the cusp of a huge move in gold.
“I’m not talking $100 to $200 move for gold. I mean gold going back to the old high of $1,920 in a fairly short period of time.
One
thing that drove me crazy last week was Bernanke’s testimony and some of
his statements after the fact. Gerald Celente noted that Bernanke said
if the Fed wasn’t continuing to print money, that the economy would
‘tank.’ That’s exactly what all of us have been saying on KWN for
months, if not years.
But
it’s interesting that Bernanke basically said as much himself, and
nobody picked up on it. Bernanke was asked by one of the Congressmen if
he was printing money, and he answered, ‘not literally.’ Now what does
that mean? If you are creating $85 billion a month to buy Treasuries
and bad bank mortgage debt, if that’s not printing money then nothing
is.
Bernanke
was also asked if his policies were benefitting Wall Street to the
detriment of Main Street. He actually said that he was facilitating the
purchases of cars through his low rate policy. That’s the same problem
we had with the housing boom four or five years ago. His low interest
rates spawned a housing bubble, and now we have an impoverished public
buying cars they really can’t afford. This is astounding stuff.
But I
found his comments regarding gold particularly insulting. After stating
that lower gold prices may indicate less concerns about extreme
outcomes, he then said, ‘Nobody understands gold prices and I don’t
pretend to understand them myself.’
Quite
frankly, the Fed has been at the forefront of the two-decade suppression
of the gold price which was undertaken in order to create a misleading
impression about central bank monetary policy and the inflationary
implications. So I would suggest that he is being disingenuous at best
when he makes comments like that about the gold market. I’m just
appalled.”
Embry had this to say regarding silver: “If
gold finally starts to get out and run and we finally see silver
punching through $20 convincingly, silver will be ready to begin a
massive leg higher. The fundamentals for silver are beyond
spectacular. When this whole bull market resumes with a vengeance,
silver is going to outperform gold. Gold will do extremely well on its
own, but the gains in silver will be historic.”
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