John Embry continues:

“But on the other hand, you see some unbelievably stupid comments from people that should know better.  I mean CNBC senior editor, John Carney, when this all broke stated that ‘It doesn’t matter whether Germany’s gold exists, provided that everybody  just pretends and acts as if it does exist.’ 

‘As long the Fed says it is there, it is as good as there for all practical purpose to which it might be put.  It can be sold, leased out, used as collateral, employed to extinguish liabilities, and counted as bank capital just the same as if it exists or not.’

I can’t believe he said that.  I mean that is so astoundingly stupid I had to read it three times.  But he did say it....

Continue reading the John Embry interview below...


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“It does matter whether it’s there because the people that recognize what’s going on, and this includes the Chinese, Indians, Russians, etc., they are not faking it.  They are buying what available physical gold there is, whatever they can get their hands on.

They love the latest takedown in gold.  The more they can get out of dollars and into gold, and the better price they get, this just plays right into their hands.  This is an astoundingly stupid policy (being employed by the West).  This has been going on for 18 years at least, and I think we are nearing the endgame.

I firmly believe that if you look at all of the Western central banks, and the gold they allegedly own, I believe a significant portion of that is not in their vaults.  This will all be revealed over time as the physical demand intensifies.

The reality is that a tremendous amount of Western central bank gold has already been used to meet the growing demand.  So they can say all they want, but in the end the truth will be revealed by the lack of physical gold in the market as they run out of enough gold to keep the price under control.

I honestly believe that a lot of the central bank gold is adorning women’s necks as jewelry (in places like India), and it sits in vaults in the Far-East, and the Middle-East.  The bottom line is the Western central bank gold is most assuredly gone and it will not come back unless gold is at materially higher prices.

The revelation of this central bank conspiracy will make the Libor scandal pale in comparison.”

Embry also added:  “Anybody that would allege that gold has been leased, but it hasn’t left the vaults, that doesn’t make any sense whatsoever.  The vast majority of it, when it was leased, it was leased to somebody who wanted to sell it into the market in order to provide physical supply and suppress the price.  So I just reject the notion that it’s all still there, even though nobody knows who owns it.

The problem is that if the gold is not in those vaults, how are the Western countries going to eventually back their new currency with gold?  This will all come out over time, and I’m just curious to see how it will be spun when it does?”

© 2012 by King World News®. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.  However, linking directly to the blog page is permitted and encouraged.

The interviews with James Turk, Egon von Greyerz, Gerald Celente, MEP Nigel Farage, Dr. Stephen Leeb and Rick Rule are available now.  Also, be sure to listen to other recent KWN interviews which included Jean-Marie Eveillard, Bill Fleckenstein, Art Cashin (UBS $612 billion) and Jeffrey Saut (R.J. $360 billion) by CLICKING HERE.

Eric King

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