John Embry:  “I am absolutely astounded by the negative sentiment in the gold market, and the stupid comments I read about gold in the mainstream media.  There was an article last Thursday in the Globe and Mail (Toronto’s leading newspaper), which is no friend of gold, and they had someone saying, ‘Investors’ love affair with gold has come to a bitter end.’....

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“It also said, ‘Gold, one of the worst performing assets in 2013, will continue to slump in 2014.’  He added, ‘Gold offers no yield, and that’s in a world where equities are returning 9% to 30%.’  This guy is a moron.  To say something that unbelievably stupid shows how little understanding he has of how the system is functioning at the current time.

Right now central planners are using all sorts of derivatives and algorithm programs to support the stock and bond markets.  At the same time, they are plundering gold and silver.  We have the greatest mispricing of assets today than at any time in the history of mankind.  This will correct itself and when it does, it will be violent.

This is the final battle for all of the marbles as far as central planners are concerned because if gold and silver were to reflect the true fundamentals in the system, the whole charade in interest rates would be revealed.  This is a Ponzi scheme of epic proportions.

Right now we have unprecedented default and inflation risks in virtually all bond markets, and yet you have rates bumping along near all-time historically low levels.  So they have to keep the pressure on gold and silver because if they were trading at the levels they should be they would expose this lie.

But when interest rates head north, and I believe it’s inevitable they will, the derivative-loaded banking system will literally collapse.  So this is the final battle and it is going to be epic.”

Embry added:  “Egon von Greyez’s KWN piece at the end of last week was outstanding.  He summed up the true condition of the gold market, and the fact that the gold supply in the West is at extremely critically low levels.  This is what is about to change the entire game.  The paper gold manipulators will lean on gold until the last ounce of gold is gone, but the physical market will absorb it, and I thought Egon summed that up brilliantly.

The other KWN piece that fascinated me was the interview with John Mauldin, where he talked about the robot picking lettuce.  There is no doubt in my mind that this is where we are headed because the advances in technology are astounding.  But what goes unremarked is, what happens to all of the manual laborers who do these jobs and who can’t qualify to do much else if they are all replaced by robots?

I don’t think our entitlement system is healthy enough to support massive amounts of newly unemployed people who are made redundant by machines.  The positive is that lettuce is going to be a whole lot cheaper for those of us who still have income.  But there are some societal issues here that John didn’t really go into.

Lastly, I continue to watch China with great interest.  Their PMI release was the second weakest on record.  China is having problems with their debt and liquidity issues.  So they have to continually inject money into the system and their interbank rates keep going higher.

I still don’t think that China can make a seamless transformation from a country that was hugely driven by capital spending and exports, into a consumer driven country.  I just don’t think that’s going to happen.  So I think there will be a period of dislocation in the Chinese economy.

This does not detract from my view that China will still be the most powerful entity in the 21st century.  But just as the U.S. went through some hellish times in the 20th century, so will China in this century, and I believe we will see some of these problems really emerge in the not-too-distant future.

Regardless, I remain very bullish on gold and silver.  I would like to say to the KWN readers around the world, do not give in to the manufactured propaganda which is so pervasive in the West.  This propaganda is being used in a desperate attempt to try to get people out of gold and silver and into overvalued financial assets at the worst possible moment in history.”

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The audio interviews with John Mauldin, Bill Fleckenstein, Dr. Stephen Leeb, Egon von Greyerz, Art Cashin, James Turk, Dr. Paul Craig Roberts, Andrew Maguire, Michael Pento, Rick Rule, Gerald Celente, Dr. Marc Faber and Eric Sprott are available now. Other recent KWN interviews include Jim Grant and Felix Zulauf -- to listen CLICK HERE.

Eric King

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