-- Posted Wednesday, 30 May 2012 | | Disqus
Dear Friend of GATA and Gold:
John Embry of Sprott Asset Management is really getting around today, elaborating for King World News on the "massive manipulation and interference" in the gold market. "They knock gold down when it obviously should be going higher," Embry says, echoing GATA's long-running complaint about the counterintuitive moves in the gold price.
Indeed, if the Northern Hemisphere was destroyed in a nuclear war, the Federal Reserve, JPMorganChase, and HSBC would get some brokers to Sydney, Rio de Janeiro, and Johannesburg to sell gold futures massively and drive the price down by at least 5 percent. Kitco market analyst Jon Nadler would crawl out from the rubble and opine to the cockroaches that the gold price had fallen because so many gold buyers had been killed, as he always had predicted would happen. CPM Group's Jeff Christian would telephone New Zealand not to worry because he was flying down with reams of gold-colored paper that would work just as well in Wellington as it did in New York as long as nobody asked what was behind it. And the World Gold Council would console itself with whatever high-fashion models could be found wearing nose rings in French Polynesia.
But with London and New York razed, at least we'd be spared more contrived rationalizations about the strange market action from the Financial Times and Wall Street Journal.
Monetary metals investors should understand that, as geopolitical analyst Jim Rickards somehow was allowed to say on CNBC three years ago, "When you own gold you're fighting every central bank in the world." It's them or humanity, slavery or freedom. Get used to it. Besides, we're winning.
An excerpt from Embry's interview is posted at the King World News blog here:
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-- Posted Wednesday, 30 May 2012 | Digg This Article | Source: GoldSeek.com