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John Embry continues:


“If you think back (to the beginning of 2009), that was a pretty bleak period because we were just coming out of global financial crisis.  This was a disappointing number.  The (underlying) weakness is becoming more apparent.


Based on the Japanese experience, which has been a massive failure, I don’t foresee a different outcome in the West.  The issue is infinitely too much debt in the system.... 


Continue reading the John Embry interview below...  




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“You reach a certain point when the debt in the system clogs it up and you cannot move forward in a growth sense, to any degree, because it takes more and more debt creation.”


Embry had this to say about the gold market:  “I would dare say that the manipulation (of gold) today is perhaps more blatant and there is more of it than I’ve ever seen.  They (the manipulators) don’t care anymore.  You see these 3 o’clock in the morning precipitous drops. 


You see drops when the COMEX opens and when the London PM fix is in.  There are always these times they attack, and no market that wasn’t being manipulated would trade with that regularity.


I am of the mind that the paper guys have overplayed their hand and they have pushed the price too low.  The people in the East, in particular, the Russians, the Chinese, etc., know perfectly well the situation.  They are using this as a wonderful opportunity to take on more and more physical at what I would consider to be bargain prices. 


I was fascinated by what Jim (Sinclair) had to say, that he thought there could be an air pocket in gold to the upside.  That would really be something, but it wouldn’t shock me.”


When asked about the mining shares, Embry responded, “Gold funds themselves, they are getting redemptions.  If you get a redemption and you are running a gold fund, you’ve got to sell, whether it’s a good idea or not.  That’s an issue.


I think there has been a total give up.  I’ve been around this business for a long time (49 years), and I remember what happened post Bre-X.  Exploration stocks were on the moon when that thing blew up and we went through a three and a half year period where it was just deadly, there was no interest.


I would dare say it’s worse now and yet you have a gold price which is six or seven times what it was then.  It really is remarkable and it’s a testimony to human psychology.  This is one of the truly great buying opportunities of all-time.”


The KWN interview with John Embry is available now and you can listen to it by CLICKING HERE.


The Jim Sinclair audio is also available now and be sure to listen to this week’s incredible line-up of other KWN interviews, which include Art Cashin, John Hathaway, Stephen Leeb, MEP Nigel Farage and Gerald Celente.  You can listen to these interviews 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.


Eric King

KingWorldNews.com

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