Embry – $67 Trillion Shadow Banking System & $10,000 Gold
November 19, 2012
Today John Embry spoke with King World News about the the $67 trillion shadow banking system, $10,000 gold, and how this will all end. Here is what Embry, who is chief investment strategist at Sprott Asset Management, had to say: “I’m a big admirer of Ketih Barron because I was big player in his company Aurelian. I think he’s a very smart guy and he understands the business extremely well. I agree with him that gold production is headed for a big decline going forward.”
John Embry continues:
“You have to remember that until the 1980s, virtually all of the mining in the world was underground mining, and the grades were a lot higher than they are now. This is because a lot of the gold that was easy to mine has already been mined and we are having to go deeper and deeper.
Then we had heap leaching which was the revolution in the 1980s. So consequently, a lot of these close to the surface, very low-grade ore bodies were able to be exploited by heap leaching. This led to a very large increase in the amount of production….