Embry:  “There was an aggravating article in the Financial Times last week talking about gold mining.  It was a full page article titled, ‘Squandered Opportunity.’  And there were half-truths, and there were some truths, but the one unspoken truth is that what really has killed the gold mining companies, other than some of their internal incompetence, is the fact that the gold price was driven down purposely by the central banks and the Western governments....

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“That (Western government and central bank manipulation) is what has absolutely blown up the gold miners. 

And there was an astounding comment from the guy who is the CEO at Newmont Mining.  He said, ‘The premium valuation that gold miners once attracted will not return.  So there should be no penalty for the companies diversifying into other metals.’  That is one of the most moronic statements I have ever heard.

I can guarantee him (the Newmont CEO) that when the gold price comes back with gusto, the premium valuation that gold miners have had in the past will be exceeded.  But this is the kind of junk we are putting up with.  It’s aggravating, but it’s all setting up for a massive opportunity, and I think we are right on the cusp of it, for people who recognize the true reality here and are getting into physical gold, silver and the shares.”

Embry added:  “I agree with the need for more money printing.  I don’t think there is any alternative, unless we want to take a hard deflation, which I don’t believe anybody in power wants to do.  And the one thing that really strikes me as amazing, and it was referred to by both Egon von Greyerz and Robert Fitzwilson, and that is the extent to which the Chinese are papering up their system.

The increases in debt and money creation over in China are astounding.  I think they recognize they are in a trap because if they don’t keep doing that, their economy is going to give way too.  This is a tremendous threat to the stability of the entire financial system.  But the Chinese are at least smart enough to be buying all of the gold they can with their international reserves, and telling their population to buy gold to protect themselves because all of the currencies in the world are doomed, and those people who have the hard assets are going to be the winners. 

I would like to commend Robert Fitzwilson on what I thought was a brilliant piece over the weekend.  I thought he nailed it as well as I have ever seen it put into words.  People must ignore this stuff from the mainstream media and get into gold and silver to protect themselves.  If investors don’t do it, and the time is running very short, they will regret it for the rest of their financial lives.” 

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The audio interviews with Eric Sprott, Andrew Maguire, Rob Arnott, William Kaye, David Stockman, Rick Rule, John Mauldin, Bill Fleckenstein, Egon von Greyerz, Art Cashin, James Turk, Dr. Paul Craig Roberts and Dr. Marc Faber are available now. Other recent KWN interviews include Jim Grant and Felix Zulauf -- to listen CLICK HERE.

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