Embry – Massive QE Near as System Moves Closer to Collapse
March 26, 2012
With gold moving towards the $1,700 level, up another $23 today, and silver closing in on $33, today King World News interviewed John Embry, Chief Investment Strategist of the $10 billion strong Sprott Asset Management. Embry said US Treasury Secretary Tim Geithner’s comments prove that massive money printing is necessary in order to avoid a collapse. Here is what Embry had to say about the situation: “There is so much interference in the gold market. Because of that it will be interesting to see what price level will spark interest in gold again. I do think it’s important to recognize the news backdrop, the real news, not the constant babble that is coming out of the powers that be.”
John Embry continues:
“As an example, a Congressman Gowdy was questioning Timothy Geithner, in a Congressional hearing. It was interesting the way he asked one of his questions. He asked Geithner, ‘Let’s say we only have one more debt ceiling increase that would have to cover all of the future obligations, what number would that be?’
Geithner backpedaled immediately, he wasn’t going to get involved in this. Then, Congressman Gowdy starting lobbing out numbers, ‘Would it be $20 trillion or $50 trillion?’ Geithner said, ‘I can’t give you that number.’ But then, he finally conceded and said, ‘It would be a lot. It would make you uncomfortable.’
Now that is an astounding statement for the Secretary of the Treasury of the United States….