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John Embry continues:


“The other factor that has to be acknowledged is the physical market for gold is getting very tight.  The central banks in the West have probably gotten rid of most of what they can afford to get rid of, and there’s no other obvious source.


Even the mining, with what’s going on in South Africa with the strikes, what’s coming out of the ground is actually lower than what it would have been a year ago....


Continue reading the John Embry interview below...




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“So as physical demand accelerates, availability is declining, and that bespeaks higher prices.


At this point, if you’ve got other people who are interested in keeping the price under control, why force it up if you can get what you want at a better price?  At some point that attitude will change, but right now people are prepared to buy gold on weakness or smashes without really disturbing the market, just gently moving it up.


That will change violently at some point, and I won’t be really excited in this market until we see a $100 up day, and I think that’s coming sooner than most people realize.”


When asked about the large commercial short position in gold, Embry responded, “If you used history as any guide, you would say be very careful here because you’ve got the open interest (in gold) at 489,000 contracts as of yesterday.  That’s up over 100,000 from the lows about three of four months ago. 


That’s a big increase, and supposedly there is a lot of weak, speculative hands on the long side, with the commercials, the bullion banks, on the short side.  But there will, in this market, be a commercial signal failure when the commercials are actually overrun. 


I think the fundamentals for gold are actually sufficiently compelling that we might be at that moment.  But I wouldn’t go ‘all-in’ on that basis until we see how it shakes out.  But it’s a great opportunity to buy physical.  I think you have to get the physical right here because if this goes on, there is going to be less and less available, and at some point when a lot of people decide this is a good idea, there won’t be any physical available at a reasonable price.”


John Embry lets KWN listeners know exactly where we are in the gold market and what to expect next.  He also discusses the mining shares, global economy and much more.  The tremendous KWN audio interview with John Embry is available now and you can listen to it by CLICKING HERE.


© 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 John Embry, Gerald Celente, Rick Santelli, Michael Pento and Don Coxe are available now.  Also, be sure to listen to last week’s line-up of other KWN interviews which included, Pierre Lassonde, Rick Rule, Nigel Farage, Ben Davies, Dr. Keith Barron and Jean-Marie Eveillard by CLICKING HERE.


Eric King

KingWorldNews.com

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