With the Dow and Nasdaq powering higher, today a 50-year market veteran warned King World News that the situation in the real world is terminal. He also discussed the continued mainstream media propaganda and said that silver is the wild card.
John Embry: “The Greek charade continues. There is absolutely no palatable solution because the country is beyond bankrupt. The problem is the European Union can’t officially acknowledge that because of the financial implications for its banking system….
Continue reading the John Embry interview below…
“So as usual they appear to be putting together a band-aid solution for what is a gaping wound, and yet again kicking the can down the road.
Now to make sure the public doesn’t grasp the true reality of this, markets are aggressively manipulated, with global stock markets that are already grotesquely overvalued. Despite this harsh reality, the global stock markets continue to head higher while precious metals are beaten down.
So precious metals are relentlessly attacked in the paper markets, regardless of the backdrop, are denigrated in the mainstream media. That begs the question: What is the real status of the gold and silver markets? Gold has been driven down today as part of the manufactured reaction to the apparent ‘good’ Greek news. This ignores the fact that gold was under intense pressure as the Greek situation appeared to be falling apart last week.
The Situation In Real World Is Terminal – Silver Is The Wild Card
However, silver is the real wild card. After being driven down this morning in concert with gold, the price of silver rebounded dramatically. So there is a different feel to the silver market.
The other question I have is: What are the powers that be so afraid of at this juncture? They are afraid of the fact that the situation in the real world is essentially terminal, as was so aptly described in the KWN interviews with Nomi Prins this weekend.
There are also massive short positions in the paper markets in both gold and silver that are held by the bullion banks and so they have to protect these positions. But in addition an explosion in gold and silver prices, which I can assure you is coming, will blow the cover off this ridiculous zero based interest rate policy and create havoc in global financial markets. As a result, the powers that be will move heaven and earth to put this inevitable outcome off as long as possible.
The Comex Has Become A Joke
But coming back to silver, the situation is extremely interesting. The Comex open interest as you know, Eric, is at an all-time record level and represents nearly one billion ounces. This exceeds the entire annual mine production by somewhere between 10 – 20 percent. This is so far out of line with any other commodity traded that it has become a joke.
Interestingly, Keith Neumeyer, the CEO of First Majestic, which is a quality silver producer, sent a letter of protest to the CFTC recently. His letter was addressing the manipulative nature of these preposterous activities in the paper silver market. Well, in response the open interest blew out another 20,000 contracts in the wake of his protest. That represents a classic ‘in your face’ response from the manipulators.
Now the more important as far as I’m concerned is: Who is on the long side of these Comex positions? Whoever it is they have proved resilient and have held their positions in the wake of constant downside pressure. So I think this is building to a head and portends some explosive action in the near future in silver.” ***KWN has now released the outstanding KWN audio interview with Rick Rule, where he discusses the gold and silver markets, commodity markets as well as the big picture for the world going forward, and much more, and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.
***KWN has also now released the powerful KWN audio interview with Nomi Prins, where she discusses the gold market, the coming financial destruction that is in front of us, what investors can do to protect themselves and much more, and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.
***ALSO RELEASED: Is The Gold Market Setting Up For A Historic Worldwide Mania? CLICK HERE.
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The audio interviews with Rick Rule, Nomi Prins, Gerald Celente, Bill Fleckenstein, Stephen Leeb, Andrew Maguire, Michael Pento, Dr. Paul Craig Roberts, Eric Sprott, Robert Arnott, David Stockman, Chris Powell, John Mauldin, Egon von Greyerz, Dr. Philippa Malmgren, Marc Faber, Felix Zulauf, John Embry and Rick Santelli are available now and you can listen to them by CLICKING HERE.