Banks Poised For Gold & Silver Turn As Central Planners Panic
June 19, 2013
With the Fed decision taking place, and continued volatility in gold and silver, today John Embry complained about kitco’s “gobbledygook” reporting, and he stated that central panners are panicking, which is why Bernanke is leaving the Fed. Embry also spoke with KWN about physical gold demand, what the Chinese are up to, and what to expect from the price of silver going forward. Below is what Embry had to say in this powerful interview.
Embry: “Yesterday was another one of those days where the stock market was up sharply and the gold market was down significantly. It’s frustrating for anybody who recognizes what’s going on. If they were really worried about a Fed ‘taper,’ the stock market should be getting crushed.
The fact that the stock market was surging says to me that there will be no Fed tapering. As this becomes obvious to gold market participants, the Fed will have achieved its goal of having the gold price rebound from a depressed level. So gold remains chronically underpriced.
But I think all of this is a major ‘holding’ action. I see the second half of the year being chaotic….