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John Embry continues:


“It was interesting overnight in Asia, the gold price rallied back into the $1,850’s and that just seemed to fire them (the cartel) up even more and they went to work again in London and Comex, they crushed it again.  But you know what this means in the fullness of time, nothing. 


The fact is the fundamentals haven’t changed one iota from two days ago when the price was over $1,900 and I expect we will be going through the all-time high in the not too distant future.  I suspect that the vast majority of the correction is behind us already, albeit quick and violent.  In fact I am probably going to go and buy a kilo bar of gold myself.


The fact is these types of corrections are painful and can sort of take people by surprise, but they are healthier because they very quickly get rid of every ‘Johnny Come Lately’ that shouldn’t be there in the first place.  This cleans the market out in next to no time and gets us ready for the next leg up....


Continue reading the John Embry interview below... 




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“Bull markets climb a wall of worry and then go through these quick, violent corrections and once they are over it starts climbing the wall of worry again to new highs.  My year end target for the longest time was $2,000, that’s probably conservative now, $2,500 wouldn’t shock me now.”


When asked about silver specifically Embry stated, “I’m actually deeply impressed that considering how firmly silver had moved up in the past year, followed by the violent correction off of $50 down to the low $30’s, now you’re just building a nice firm base for the next leg that will take it easily through $50.  I mean the weakness that we are going through as we speak, it’s not coincidental, there is an option expiry tomorrow in silver.”


When asked about the mining shares Embry replied, “The mining stocks were just breaking out, I mean the HUI (gold bugs index) got to 609 and that just coincided with this violent attack and correction in gold.  Not surprisingly the stocks that comprise the HUI are getting banged around.  When the HUI clears 600 with a lot of enthusiasm, and I think that’s probably going to happen pretty soon, I think that index has a real good shot at hitting 900.”


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Eric King

KingWorldNews.com

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