Embry: Gold & Silver Smash Temporary, Oil To Super-Spike!
- Today is the first day of delivery (for physical metal) for March. Physical silver demand is enormous. The bullion banksters are simply doing what they are doing at this time period every month. They need to smash down the price so that fewer people/contracts will stand for delivery. The amount of silver standing for delivery is about 16M oz in March. It looks like the bullion banksters have their work cut out for them. I expect prices to recover, as they usually do, in the next few days!
Embry – Gold & Silver Smash Temporary, Oil to Super-Spike!
With gold at one point trading over $75 lower and silver down over $3, today John Embry told King World News this is nothing more than a temporary smash and he expects both metals to come roaring right back. Embry, Chief Investment Strategist at Sprott Asset Management, also said oil may quickly spike to a number that will literally cripple the global economy. But first, here is what Embry had this to say about silver: “This relates to the massive blowout in open interest in both gold and silver over the last few weeks. The market is always vulnerable short-term in that situation. Central planners can’t announce they are going to have constant and massive QE or everything would go to the moon. So the idea is floated around that QE3 is off the table.”
The silver market has been a paper fiasco, primarily led by JP Morgan and a lot of the other traders go with them for the ride. With paper they have really been able to kick silver around, but there is a limited shelf life for that activity. This is primarily because the supply/demand fundamentals for silver are literally off the charts. This is going to lead to an explosion higher in the price of silver before this is over.
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