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Embry:  “Monetary debasement has accelerated everywhere.  This was discussed so beautifully by Egon von Greyerz on KWN late last week.  If in fact gold and silver prices were not being suppressed and they were reacting to what is happening in the paper world, the prices for both metals would be a minimum of double where they are today, if not more....


Continue reading the John Embry interview below...




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“Now in that environment, clearly people would start to question the value of paper money.  They would also say that the interest rates are preposterous.  Investors would ask, ‘How can you expect me to hold on to this paper with miniscule interest rates in a world in which that paper is going to be destroyed?’


So I think that acts as a major incentive to keep the pressure on gold and silver as long as possible.  But I think there is an even bigger and more pressing need, and that is this whole fractional gold business that they’ve developed over the last 20 years, whereby so much of the investment demand ended up in various paper products which was not backed to any extent by gold.


Now that the manipulation has reached such enormous levels, and it’s becoming apparent to more people that there is very little gold available in the system to back all of these paper claims, if people decide to move aggressively into gold this whole paper charade is going to blow sky-high.  The implications of that are unbelievable.


It will bring down the entire financial system as we know it, but more importantly it will send the prices of gold and silver to levels that are unimaginable to anybody who is believing the current anti-gold propaganda.  So there is enormous incentive to suppress the prices of the metals.  But as you know better than anyone, Eric, the fact is this process is driving all of the existing gold in the West over into Eastern hands.  And there is a finite time frame for this.


Every day I wonder, ‘Is there a deal between the East and the West so that we are permitting all of our Western gold to be taken by the East so they don’t collapse our paper markets?’  I don’t know, but the fact is I couldn’t be more bullish about the prices of physical gold and silver going forward. 


My thesis is also reinforced because of the fact that the vast majority of the people believe the anti-gold propaganda and they are talking about the prices going dramatically lower.  I don’t see that happening.  The end of this cyclical correction is now upon us.”


Embry added:  “I was also fascinated by all of the statistics coming out of the US government last week which would have people believe that the US economy is starting to boom.  I don’t believe a single one of those fraudulent statistics.


Clearly this is all part of a plan to attempt to get some strength into the US dollar.  To some extent it worked, but it’s not working anymore.  Those strong numbers suggested that the dollar should have been firmer but it wasn’t.  It was actually struggling to hold north of 80 on the USDX, which is a significant breakdown point.


I look at those numbers and they don’t make any sense to me.  If you look at the micro-numbers that come out of companies and you look at sentiment amongst consumers’ real disposable income, etc, none of that is supportive of a stronger economy.  So I tend to dismiss these numbers as entirely falsified.


I strongly believe that the economies worldwide, because of the excessive debt in the system, are struggling to stay afloat.  This will not change because, as you know, under the tenets of Austrian Economics, to get a dollar of GDP growth you need more and more debt creation as you get deeper into a cycle.  But we can’t create more debt without major problems.  The reason all of this QE has been going on has been to keep the banks afloat.  We are just headed for a very difficult end, it’s just a matter of how long they can stretch it out.”


Embry added this regarding mining shares:  “If I am right and we are on the cusp of a major up-move, these quality mining shares are a huge buy right here.  But they won’t be unleashed until the gold price improves, especially as we head into the end of tax loss selling.”


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© 2013 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 audio interviews with Dr. Marc Faber, Bill Fleckenstein, Eric Sprott, Grant Williams, Egon von Greyerz, Dr. Paul Craig Roberts, William Kaye, Michael Pento, Andrew Maguire, David Stockman and Art Cashin are available now. Other recent KWN interviews include Jim Grant and Felix Zulauf -- to listen CLICK HERE.


Eric King

KingWorldNews.com

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