Today John Embry told King World News, “We are literally witnessing a war between the physical buyers (Eastern central banks), and the paper manipulators (commercials or bullion banks), and that is why there is such a fierce battle being waged in gold between $1,735 and $1,800.” Embry also stated, “If the commercials run into trouble (with their massive short positions), KWN readers will see a move in gold that will leave them breathless.”
Here is what Embry, who is Chief Investment Strategist at Sprott Asset Management, had to say: “This is one of those moments in the gold market where there is a distinct possibility that we will see a commercial signal failure. A commercial signal failure is an extremely rare event, but we could well be setting up for just such an occurrence right now.”
“The commercials are massively short gold at the moment, and each time they try attempt to drive the price of gold lower, there is a solid wall of physical buying they are running into. I just don’t think they anticipated this. Meanwhile, the Eastern buyers, such as China, are delighted the commercials keep trying to push gold lower.
But now we are getting to the point where there is a distinct possibility that the bullion banks may run into some serious trouble with their enormous short positions...
Please pop across to Eric Kings website to read this interview in full, click here.
Have a good one.
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