Gold & Silver Soaring As Embry Hits 50 Years In The Business
June 3, 2013
It is appropriate that with the price of gold and silver soaring, today marks John Embry’s 50th year in the business. After half a century in the financial world, Embry told King World News that silver will head hundreds of dollars higher than current levels, and gold will rocket thousands of dollar higher as well. Below is what Embry had to say as he celebrates 50 years in the business.
Embry: “I am focused on what is going on in the gold and silver space, and I am fascinated by what is happening with the Commitment of Traders Report (COT). There has been a dramatic change since this takedown of gold started late last year in terms of the exposure of what they call the commercials or the bullion banks.
The commercials were massively short when the last round of QE was announced. Since that time they have reduced their short positions dramatically if you can believe the COT numbers. I’m not always sure you can believe them, but if you can, I think this is a precursor to the fact that the commercials know perfectly well where gold and silver are going, which is dramatically higher….