Chief Investment Strategist John Embry: Gold to $1,650, Shorts to Get Crushed

With gold and silver taking off today to the upside, King World News interviewed John Embry, Chief Investment Strategist at Sprott Asset Management which has $8 billion under management. When asked about the action in gold and silver Embry stated, “This is a complete change in the market. In the old days when the bullion banks took the gold and silver prices to the woodshed, I mean it took days if not weeks or months to repair the damage. Today to have it turn around on a dime and go rocketing up, silver to 30 year highs and gold challenging its all-time high again, this is new action and I think it is indicative of the changed condition of the market.”

John Embry continues:

“The physical market is slowly starting to take precedence over the paper market. Historically the paper market dominates most of the time. In this instance they have been so abusive in the paper market, and kept the prices at such attractive levels that they have induced so much physical buying, that the physical buying is overwhelming the available supply.

That’s where the price is going to be set in the physical market and when that happens these guys on the short side of the paper market are going to have a religious experience.”

Full article here: KingWorldNews

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