With the Dow currently down 230 points, today a 50-year market veteran warned King World News that these are perilous times and a great shock is coming.
[b][size=18]September 28 (King World News) – [/b][/size]John Embry: “It is business as usual in the precious metals market after a flurry last Thursday when gold rose 2 percent and was immediately met with a wall of selling. I laughed when I saw Kitco attributed to the rally to short covering, only to see that theory destroyed when open interest rose over 8,000 contracts that day…
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“The U.S. authorities must be petrified behind the scene as they see their economy weakening noticeably — a fact that is at odds with their bogus economic releases. The U.S. stock market is also under pressure once again and more and more countries are talking about eliminating the dollar from international transactions.
A Shock Is Coming When The Great Charade Finally Ends
But this charade will continue until it ends, and when it does there will be a reset in gold and silver prices to the upside that will come as a shock to many observers. There is abundant evidence that physical supply is becoming tight in both gold and silver. There is considerable backwardation in the London market. This is something that should never happen under normal circumstances. It is just another indication of a very tight physical market.
Longer wait times for delivery are being experienced in certain markets for both metals. Premiums for physical silver are widening over the manipulated paper price, and demand in the very important Indian and Chinese markets remains robust. I strongly suspect that available supplies of physical gold and silver are rapidly evaporating in the West. And when one realizes how many paper claims are in existence for each physical ounce available, there is going to be mayhem when the balloon goes up on this Ponzi scheme.
Changing subjects, I am appalled at the Volkswagen scandal. I think it demonstrates the depth of the corruption that has permeated the system globally. Then I read that the departing CEO of Volkswagen is leaving with a massive pension settlement. In my opinion he should be leaving in handcuffs.
I see that the House Speaker is resigning in the United States. This is an extremely negative development with everything else that is happening on the U.S. scene. What the U.S. does not need currently is the threat of a government shutdown. The idea of balanced budgets and hard spending limits is an idea whose time has passed. If the U.S. goes down that path at this time, a depression in the U.S. would be guaranteed.
These are perilous times, Eric, despite the fact that many people refuse to acknowledge that reality. There is extreme risk in holding paper assets, and investors must balance their portfolios with more exposure to real assets, the cheapest of which are gold, silver, and their respective equities.”