Embry – What’s Happening in China is Wildly Bullish for Gold
April 16, 2012
With gold near the $1,650 level and silver firmly above $31, today King World News interviewed John Embry, Chief Investment Strategist of the $10 billion strong Sprott Asset Management. Embry told KWN the financial system is built on an unsustainable mountain of debt, and over time this will create a more siginficant shift from paper markets to hard assets. He also stated that what is taking place in China right now is wildly bullish for gold. But first, here is what Embry had to say about what is happening with the gold and silver markets: “The gold and silver situation is under control of the paper manipulators at this time. I think they have an agenda to keep the gold and silver space as quiet as possible, in order to keep people away from it.”
John Embry continues:
“They have a vested interest in making sure people are buying stocks and bonds. In the fullness of time this will be overcome, but in the meantime we have to put up with this. To me, gold is the antithesis of the financial system as we know it. It’s real money.
The problem with the financial system is that it’s built on an unsustainable mountain of debt. The idea that we are going to be able to cure the current problem by creating more debt isn’t going to work. We can’t support the existing debt….