With continued uncertainty in global markets, one of the greats in the business just told King World News that “we are most assuredly headed for Armageddon.”
John Embry: “Eric, the price action in gold, silver, and markets in general, has been ludicrous since the U.S.election when Donald Trump was elected as president. Things took another big step in that same direction in the wake of the Italian referendum, which I believe was disastrous for the future of the European Union, and perhaps more importantly for the entire Italian banking system…
Continue reading the John Embry interview below…
John Embry continues: “As Egon von Greyerz so aptly noted in his weekend interview with KWN, the Italian banking system has roughly 20 percent of its total loan book non-performing at this point. The only way to address this is unlimited money creation, which is anything but bearish for gold and silver.
However, we are in the final chapter of the massive paper gold and silver Ponzi scheme, and no one realizes that better than the perpetrators — the central banks and their allies the bullion banks. Thus, this takedown is directed at rebalancing their books to avoid huge losses when the market inevitably turns violently to the upside.
Gold and silver holders must be patient here and take advantage of the present weakness by adding to their physical holdings. However, I can’t emphasize strongly enough that gold and silver positions must be outside of the banking system and be held in very safe custody, if not in one’s own possession.
The government and mainstream press continues to paint a very false picture of what is occurring in the real world. The Financial Times had the unmitigated gall to have a huge headline on its front page this weekend stating Trump Inherits Healthy Economy, with a sub-headline stating US Jobless Rate At Lowest Level Since 2007.
Now, if that were the case, why did 446,000 individuals drop out of the working ranks last month, bringing the Participation Rate to new lows? In addition, there are now 95 million people of working age in the U.S. who currently do not hold a job. Combining that reality with the fact that the U.S. now has nearly $20 trillion in funded debt and at least 5-times that amount in unfunded liabilities for Social Security, Medicare, etc, is hardly the definition of a healthy economy.
We are most assuredly heading for Armageddon, and I suspect that the new U.S. president may be seen as the fall guy, rather than those who got the world into this mess over the last 30+ years.“
***To listen to the powerful KWN audio interview where Bill Fleckenstein discusses what surprises to expect in 2017, whether or not the gold smash is finally over, and much more, CLICK HERE OR ON THE IMAGE BELOW.
***ALSO JUST RELEASED: The Biggest Worry About 2017 Will Surprise You… CLICK HERE.
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