August 6, 2012
Today John Embry told King World News, “I have been a long time proponent of the idea that we may very well be at peak gold production in the world.” He warned, “We may have seen the peak.” Embry also stated that he believes we are headed towards a, “… classic supply/demand squeeze.” This will send gold, “… to multiples of the current price.”
Embry, who is Chief Investment Strategist of the $10 billion strong Sprott Asset Management, discussed both gold and silver, but first, here is what Embry had to say about the ongoing crisis in Europe: “Over the weekend they accepted more collateral at the Greek Central Bank so they could make their payment to the ECB. So I think they will do what they have to, to keep this thing moving forward.”
John Embry continues:
“But the thing that’s the big problem, and question is, are the funders, Germany, Finland, the Netherlands, etc., do they have the balance sheets and the economic strength to bailout these peripherals in the South that are in horrific condition?
And even if they do, do they have the appetite to do it? All I can tell you is that it’s an enormously serious problem….