Embry – Fending Off Collapse & Next Move for Gold, Silver, Oil
February 23, 2012
With gold at $1,780, silver solidly above $35 and oil above $108, today King World News interviewed John Embry, Chief Investment Strategist of the $10 billion strong Sprott Asset Management. Embry went into detail about where he sees gold, silver and oil headed next, but first he had this to say: “The Greeks can now lose their gold because of a default. It’s appalling what they are trying to jam down the Greek public’s throat. This deal is ludicrous and this thing has as much chance of succeeding as I have of being on the moon next week. Therefore, the cartel will now have the Greek gold, it’s a travesty.”
John Embry continues:
“I guess I’m never satisfied with gold even though it’s up over $60 this week. I think gold should be up a whole lot more than $60. I thought it would take a Greek settlement to get gold moving because as long as it looked like Greece might fall apart they were suppressing the price like mad. So the suppression is still going on, but now it’s being overpowered by the strength of demand.
Now some of the pressure has come off of the price and the buyers are getting the upper hand here. The fact is the smart money has been buying gold all along. If they start to think the price is getting away here, they will become more aggressive rather than waiting to buy. I don’t think the general public gets in, until gold clears $2,000 and maybe even higher. At some point people will be forced to talk about it….