July 30, 2012
Today John Embry told King World News, “… the sentiment backdrop is perfect for an explosion in both the gold and silver price.” Embry also cautioned, “… the economy is eroding everywhere in the world, but particularly in the United States … (and) there is only one solution to keep the game going, and that is to create as much money as is necessary to keep the system afloat.”
Embry, who is Chief Investment Strategist of the $10 billion strong Sprott Asset Management, discussed gold, silver and the mining shares, but first, here is what Embry had to say about the ongoing crisis in Europe: “This European situation is in some sort of terminal condition. You have Draghi, head of the ECB, coming out late last week and essentially saying that the ECB will do anything to preserve the euro. But I don’t think the Germans are behind this move.”
John Embry continues:
“All of the sudden you hear that the Germans are not too happy with this idea that the ECB is going to purchase sovereign debt, in an effort to bring down the rates in Italy and Spain. At the same time some senior guy in the German establishment said, last week, ‘Greece cannot be saved. That it is simple mathematics.’ Now I happen to agree with that, so I think he’s telling the truth.
What you see, on the flip side of that, is there has been this constant misinformation coming out of key entities in Europe….