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John Embry continues:


“$29 is the major breakout and I still believe silver will hit new all-time highs before the year is out.  In the meantime, on a break above $29, with enthusiasm and volume, I think that  signals the end of the short-term bear market we have been experiencing for the last 16 months.  That means the bear phase will have ended and a new bull move will now begin.


The gold market is also extremely interesting....


Continue reading the John Embry interview below...




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“There is a great deal of evidence of Chinese buying of gold.  But I would like to point out that one of the more offensive things that was released last week was the GFMS study suggesting that physical gold demand in the second quarter was down 7%.


Those guys (at GFMS) have been providing misinformation for years.  They have also missed so many of the major issues in the gold market.  They didn’t get the gold leasing by the central banks back in the 1990s.  So they were missing demand to offset the leasing.


They didn’t get the Chinese buying that’s been going on for the last decade.  So these guys just basically churn out negative gold news constantly, and I would ignore them.”


Embry also added: “Irrespective of the back and forth in the gold market, in a covert fashion, the Western central banks have been acting much like they did back during the London Gold Pool in the 60s.  At that time, during the 60s, it was an overt policy that was known, they were open about it.  They said they were maintaining the world’s gold price at $35 an ounce.


That policy worked until it didn’t work.  After it failed the gold price eventually soared to $850.  So the Western central banks can only get away with this for so long, before they are completely overrun.  All this continuous intervention and market manipulation in the gold market is doing is setting up a massive move.


I think this is a fantastic buying opportunity, and the fact that everybody is kind of neutral to negative on gold just makes it that much better.”


Embry also warned: “No matter where you look, be it the United States, Europe, the UK, Japan, these were the driving countries through the whole post-war era.  Now they are all in hopeless financial conditions, absolutely hopeless.  And people have their heads stuck in the sand if they think there is any palatable solution to any of their problems.


For the longest time people have believed the Chinese were impregnable.  It is now becoming obvious that with the rest of the world suffering economically, the Chinese don’t have any kind of magic wand that’s going to make their economy perform like it has for the last 20 years.


The only bazooka the central planners have left to fire is quantitative easing to infinity.  They haven’t fired it yet, they’ve just sort of danced around it, but they could still fire that bazooka.  It won’t solve anything and will lead to major inflation if not hyperinflation, but it will keep things moving forward.


Even though they haven’t fired that bazooka, it still exists in their arsenal, and will be used at some point in an attempt to keep the financial system from imploding.”


Embry had this to say about Apple and the world’s gold shares: “I would just like to add that we see shares of Apple hitting new all-time highs, even though their last quarter wasn’t quite up to snuff.  But the market cap of Apple is now greater than three times that of all of the world’s publicly traded gold and silver equities.


This will be seen as preposterous in the fullness of time, and I can assure that this will reverse as the bull market in gold and silver mature.”


© 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 Ben Davies, Rick Rule, Egon von Greyerz, Bill Fleckenstein, Dr. Keith Barron and MEP Nigel Farage are available now.  Also, be sure to listen to last week’s line-up of other KWN interviews which included Peter Schiff, John Embry, James Turk, Micheal Pento, Dr. Stephen Leeb, and John Hathaway by CLICKING HERE.


Eric King

KingWorldNews.com

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