Embry – 1,000 Ton Swing In Gold, Russians & Chinese Buying
February 11, 2013
Today John Embry told King World News that the Russian and Chinese purchases have led to a massive 1,000 ton swing in the physical gold market, and despite the pullback, gold will trade many multiples higher than current levels. Here is what Embry, who is chief investment strategist at Sprott Asset Management, had to say: “I’m focused on the preposterous action in the gold and silver market. This is being done by all of the usual suspects in the paper market, and it bears zero resemblance to the real status of both the gold and silver markets.”
John Embry continues:
“The Chinese announced they had record gold imports in the month of December, and for 2013. For the year they imported 834 tons. Then, it came out today that Mr. Putin has been turning his black gold, which is oil, into as much gold as he can get his hands on.
So the two, I would say avowed enemies of the United States, China and Russia, are just taking advantage of this opportunity to pile up all of the physical gold they can….