12343 Views September 08, 2015 GOLD, KWN King World News
On the heels of continued wild trading in global markets, today a 50-year market veteran warned King World News that the endgame is now in sight as the propaganda and lies increase. He also discussed the war in the gold and silver markets.
[b][size=18]September 8 (King World News) – John Embry: “There is something seriously wrong behind the curtain in my opinion…[/b][/size]
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“The blatant suppression of gold and silver prices is currently exceeding anything I have observed in the past 20+ years of continual interference in the precious metals market.
The War In The Silver Market
Last week, on three consecutive days, silver, which is incredibly undervalued and attracting significant premiums in the physical market, launched three impressive rallies which were immediately met by frenetic selling in the paper market that drove the price back down to below where the rally started.
And then yesterday silver was under pressure the entire day in the London market. So there is something really strange going on in the silver market. And last Friday when gold rallied on what could only be called a disappointing jobs number in the United States, the price was immediately driven back down, falling nearly $15 in the blink of an eye. The weakness in gold was further reinforced yesterday in London.
Strange Happenings At The LBMA
At the same time, there has been a strange discrepancy in the LBMAs reported gold refining numbers for the year 2013. There was a massive reduction announced in the amount of gold refined and it was over 2,200 tonnes. I don’t fully understand the implications of this but this was the kind of gold that was being refined into smaller bars, so it was gold headed from the West to the East, primarily China.
But 2,200 tonnes? You can’t make a mistake of that magnitude. So the chicanery that is occurring in the precious metals market just keeps intensifying. But we must not lose site of the fact that gold and silver bullion remain absolutely essential holdings in any investment portfolio that seeks protection from the turmoil, which I anticipate will occur this fall in global financial markets.
Increased Propaganda And Outright Lies
Now switching briefly to the economy, the U.S. jobs report last Friday, which I view as total fiction, was weaker than the experts anticipated. However, that didn’t prevent the U.S. Bureau of Labor and Statistics from stating that unemployment had crept down to 5.1 percent. What a crock.
With the lowest labor force participation rate since 1977 and tens of millions of Americans no longer even looking for jobs, the true unemployment rate is at least 3-times the reported number. So it’s really offensive these bogus statistics they keep releasing.
Another major issue in the world today is this intensifying refugee crisis in Europe. This is a very difficult subject because from a humanitarian perspective if you don’t take in the refugees it appears extremely hard-hearted. However, from an economic perspective, with massive unemployment, debt and fiscal issues throughout the continent, it seems entirely rational not to want to take in more people in need of assistance.
And with youth unemployment exceeding 50 percent in certain countries in Europe, the last thing that these countries need are more destitute people looking for work. So there is absolutely no easy answer to what can only be termed as a true human tragedy.
The Endgame Is Now In Sight
I would also like to add that the U.S. stock market has bounced, no doubt with considerable help from the PPT (Plunge Protection Team), because the last thing they wanted to see following last Friday’s weak session was the Dow breaking down through 16,000. The technical condition of the market is already weak, it remains considerably overvalued, and the fundamentals are deteriorating.
So I believe that the authorities will go to great lengths in order to keep the market levitated but it’s gong to take a heroic effort on their part. Having said that, short of a massive new QE program being instituted, the stock market will fall to much lower levels.”