With the Fed decision taking place, and continued volatility in gold and silver, today John Embry complained about kitco’s “gobbledygook” reporting, and he stated that central panners are panicking, which is why Bernanke is leaving the Fed. Embry also spoke with KWN about physical gold demand, what the Chinese are up to, and what to expect from the price of silver going forward. Below is what Embry had to say in this powerful interview.
Embry: “Yesterday was another one of those days where the stock market was up sharply and the gold market was down significantly. It’s frustrating for anybody who recognizes what’s going on. If they were really worried about a Fed ‘taper,’ the stock market should be getting crushed.
The fact that the stock market was surging says to me that there will be no Fed tapering. As this becomes obvious to gold market participants, the Fed will have achieved its goal of having the gold price rebound from a depressed level. So gold remains chronically underpriced.
But I think all of this is a major ‘holding’ action. I see the second half of the year being chaotic….
“At that point gold and silver will finally reflect their true values. The other thing that is getting to me is the commentary coming from the mainstream world.
I believe it is orchestrated because they are hammering away in a negative manner against gold and silver. I was just looking at one (article) that popped up on kitco, ‘Gold Weighed By Downside Risks – UBS.’ They (kitco) said, ‘Gold is suffering from an atmosphere that is clearly difficult for gold at the moment and downside risks loom.’ Whatever the hell that means.