– John Embry – Why Central Banks Smashed Gold & Silver (King World News):
John Embry, Chief Investment Strategist of the $10 billion strong Sprott Asset Management:
“I didn’t think they (central planners) could pull this off (this severe of a hit in gold and silver) to the extent that they have because of the strong physical demand in both gold and silver throughout the world, particularly in the East. But when you are motivated, and they are most assuredly motivated, I think the response is often in proportion to the problem, and their problem is massive.”
“So I am not surprised that they really laid the lumber to it. As it has throughout the entire bull market in both silver and gold, which began at the beginning of this century, this just creates another fabulous buying opportunity, this may be one of the best ones.
What I find reprehensible about the whole thing is the poor, little guy out there who is struggling at the best of times here, their (central bank) actions (interventions in gold and silver) are driving some of them away from the metals. It’s wrong, in the end that’s what is going to be his salvation.
I can assure you that the vast majority of people won’t be there because they can’t stand this kind of counter-intuitive action and wild volatility. They want to keep the vast majority of the public away (from gold & silver)….