Embry – Gold & Silver Smash Temporary, Oil to Super-Spike
February 29, 2012
With gold at one point trading over $75 lower and silver down over $3, today John Embry told King World News this is nothing more than a temporary smash and he expects both metals to come roaring right back. Embry, Chief Investment Strategist at Sprott Asset Management, also said oil may quickly spike to a number that will literally cripple the global economy. But first, here is what Embry had this to say about silver: “This relates to the massive blowout in open interest in both gold and silver over the last few weeks. The market is always vulnerable short-term in that situation. Central planners can’t announce they are going to have constant and massive QE or everything would go to the moon. So the idea is floated around that QE3 is off the table.”
John Embry continues:
“The market is so volatile and you’ve had Jim Sinclair on, who I worship when it comes to this stuff, and he was discussing this volatility. He said, ‘Be ready for volatility that’s going to make you feel like your hair’s on fire.’ This is just one example of it.
Does this mean anything in the long-run? Absolutely nothing. It’s just another great buying opportunity. I think the price will come back within days. This is just one of these momentary smashes where the speculators get cleaned out every time….