Today a man who has been involved in the financial markets for 50 years warned King World News that things will quickly deteriorate as we enter 2015. John Embry, who is business partners with billionaire Eric Sprott, discussed the endless propaganda coming out of the mainstream media and also spoke about the action in gold, silver and other key markets.
John Embry: "There is no real price discovery going on in any markets any more — it’s all being so wildly manipulated. And there is so much misinformation coming out of the mainstream media….
Continue reading the John Embry interview below…
"Here is one classic example: An individual from CIBC World Markets said, ‘There’s global demand for high yielding, high quality assets, and the only one that’s in the game is the U.S. bond. People continue to undervalue it.’
I think this will be seen in the fullness of time as one of the most absurd statements ever recorded. The U.S. is by far the world’s largest debtor, and the fact that it still retains its world reserve currency status is the primary reason that its paper retains any value whatsoever at this point.
So what we’re faced with right now is this recurring propaganda that is being reported in the United States that the U.S. economy is growing strongly and that job creation is robust. What utter rubbish. Everything is being falsified to keep this myth alive and keep the U.S. dollar and the bond market afloat.
So for somebody to say that this is the only game in town really shows the depth of stupidity that’s on display today. Part of this plan is the relentless suppression of the gold and silver prices. I think it’s reaching new levels of absurdity as we speak. There is no justification for the price action that we are seeing, even today when prices fell sharply as soon as the London market closed.
The reason for the continued manipulation is because gold and silver represent the canaries in the coal mine. If they were really reflecting the truth this whole myth about low interest rates and everything being fine would be destroyed. I think there is infinitely more evidence coming out daily that the offtake in the East — India, China Russia, etc — is continuing to grow.
In the meantime, what remaining gold is left in Western vaults continues to be depleted. So I believe this suppression is very much in the final stages. If that is the case, I think the subsequent price explosion will be something to behold."
Embry added: "Another example of the stupidity that’s out there: Last week the rumor was floated by the usual sources that Russia was in such dire straits that it was selling its gold. That proved to be an outright lie and was quickly refuted but it’s indicative of the desperation's the Western authorities have sunk to in trying to keep a lid on gold and silver prices and keep this other myth alive that everything in the economy is fine.
This is the holiday season and I wish I had a more festive message. I wish I could tell people that things were going to be swell, but I suspect that when we enter 2015 things are going to quickly unravel. I’m not sure that the world has ever been in a more precarious economic, financial, and geopolitical situation that it’s in right now.
And those people who are forecasting a pleasant outcome are going to be wrong. The only real positive I can add at this point is people can protect themselves by buying all the gold and silver bullion they can at these prices, and even more so the high quality gold and silver shares. I believe people who invest with this premise will be richly rewarded in what I think is going to be an exceptionally difficult environment as we go forward."
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The audio interviews with Egon von Greyerz, Dr. Paul Craig Roberts, Stephen Leeb, Andrew Maguire, John Embry, Gerald Celente, Rick Rule, Bill Fleckenstein, Ben Davies, Greyerz-Turk-Stamm, David Stockman, William Kaye, Rick Santelli, John Mauldin and Marc Faber are available now. Other recent KWN interviews include Jim Grant and Felix Zulauf — to listen CLICK HERE.