As we come to the end of the third week of trading in 2018, today John Embry told King World News that the world is going to see $300 silver.
January 19 (King World News) – John Embry: “Eric, we have had a solid move in gold and silver in the first three weeks of 2018. But the move is infinitely more impressive when one realizes the unrelenting selling pressure that the precious metals have been dealing with in the paper markets. On the Comex, in one recent 10-day period, there was an increase of roughly 120,000 contracts in gold Open Interest alone, representing some 375 tonnes of paper gold. To put that into context, the bullion banks, who act as agents for the US government, sold over 12% of annual global mine production in just 10 days. Despite that fact, the gold price managed to rise by more than $35. Any other commodity facing that sort of selling pressure would have collapsed in price…
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John Embry continues: “But this attests to the inherent strength in gold, which by any reasonable measure is cheaper that it has ever been in history in relation to the amount of money and credit in the system and the accompanying inflated price of virtually every other asset on earth. However, as cheap and attractive as gold is at this time, silver’s potential dramatically exceeds it. The anti-gold cartel has been almost fanatical in suppressing the price recently, as they appear desperate to keep the price of silver below $17.50 an ounce, which is only 35% of the all-time high price of $50 an ounce that was reached 38 years ago.
The World Is Going To See $300 Silver
When the bull market in precious metals really gets rolling, the gold/silver ratio, which is currently 78/1, is going to fall precipitously. In previous booming precious metals bull markets, the ratio has historically fallen to 15/1, which incidentally is similar to the ratio of silver to gold in the ground, implying an upside surge that will be 5-times that of gold. Putting that into perspective, it is quite easy to foresee gold’s price in the $5,000 per ounce range as reality overtakes that current fantasy in today’s financial markets. In that environment, silver’s price could easily exceed $300 per ounce. No wonder the powers that be are a little disturbed and are pulling out all the stops in what will soon prove to be the final suppression of the silver price.
The First Market To Go Down In Flames
Turning to the markets in general, the melt-up in stock prices has continued as the central banks are essentially trapped. If they were to exercise any significant restraint, all financial markets, stocks, bonds and real estate, would collapse and the global economy would collapse along with them. Thus, it is likely that excessive monetary stimulation will continue and the first financial market to go down in flames will be the bond market, as investors eventually realize there is no value remaining in debt instruments. Under deflationary conditions, they will default, and in the more likely coming hyperinflation, their purchasing power will be obliterated. The middle ground is rapidly eroding, so prudent investors should be very wary of their bonds at this moment.”
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