On the heels of the recent plunge in gold and silver, today John Embry spoke with King World News about the IMF’s warning, desperate bullion banks and why their masters no longer care.
The IMF Issues Another Warning
John Embry: “Eric, I am fascinated that the IMF came out with a cautionary note on the magnitude of global debt and the risks that it entails. The fact that they estimated global debt at $152 trillion was interesting in itself because the numbers that I look at would suggest that global debt is at least 50 percent higher than that…
Continue reading the John Embry interview below…
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John Embry continues: “However, it doesn’t really make that much difference. If you believe in the Austrian Economics, as I do, we have long since passed the point where debt can be created in a productive fashion globally. And that ensures that any sustainable economic growth potential has effectively been extinguished.
Thus, in the absence of any meaningful economic growth, we continue to be inundated with bogus economic statistics and fake market action. This will most certainly continue for another 4 weeks, until the U.S. election, because the powers that be are frantic to ensure that one of their ilk — Hillary Clinton — is elected. Therefore things have to be presented to the largely unsuspecting American electorate in a positive manner.
However, the increasing suppression of the gold and silver prices in the paper market suggests to me that the authorities know perfectly well what is in the offing post-election. The bullion banks are desperate to reduce their outsized short positions while they still can. They certainly took advantage of the opportunity provided last week when the very important physical markets in China were closed for holiday.
The Bullion Banks And Their Master Don’t Care At This Point
As you well know, Eric, I have long been an outspoken and vocal critic of official intervention in the gold and silver markets. In fact, over 12 years ago my associate Andrew Hepburn and I wrote a 60+ page treatise on the subject titled Not Free, Not Fair, The Long Term Suppression of the Gold Price. If I had the energy to update that piece today, it might exceed Tolstoy’s War and Peace in length, due to everything that has happened in the interim. Nevertheless, I think it is becoming increasingly difficult, if not impossible, for a rational observer to deny this reality.
As a result, I don’t believe the bullion banks and their masters care at this point. They are desperate, and I believe this represents the final takedown of gold and silver prices. A wise investor should take advantage of this incredible opportunity to buy remarkably cheap gold and silver bullion. The shares will also provide substantial upside leverage, but the core of all portfolios at this point must be physical gold and silver.”
***KWN has released the extraordinary interview with Dr. Stephen Leeb, where he discusses the gold and silver smash, what to expect next and much more, and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.
***Also just released: Is The U.S. Stock Market About To Crash? CLICK HERE.
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