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GoldSeek Weekly Radio: John Embry, Bill Murphy and Axel Merk

By: Chris Waltzek, Radio

 -- Published: Monday, 11 April 2016 | Print  | Disqus 

April 8, 2016

Featured Guests:

John Embry & Bill Murphy


  • Bill Murphy from returns to the show with comments on the national gold stockpile.
  • A growing cadre of researchers note that gold swap arrangements make decyphering the domestic a daughnting task, so reserves are likely overstated.
  • Wise BRIC central banks are accumulating the metal at new records, according to the World Gold Council (WGC), 480 tons of gold was purchased.
  • Key takeaway point: once the gold enters their vaults, the ounces essentially evaporate from the market.
  • Gold bears can no longer claim that the monetary metal carries zero interest, gold and silver both pay substantial interest by avoiding interest payments.
  • Like John Embry, Bill Murphy expects a big shift in investor tastes, making the unloved silver sector the defacto loved asset class du jour.
  • His work indicates a 100:1 risk to reward ratio in silver, $1-$2 risk on the downside with at least $100 on the upside.
  • Naked short-selling in the highly illiquid markets helping send PMs shares to outperform the underlying metals, as shorts scramble to cover.
  • Chris welcomes back, John Embry, Senior Strategist at Sprott Asset Management.
  • He shares his outlook on the precious metals sector.
  • News that gold was higher by 16% in the first quarter unnerved the central bank cartel, sending shockwaves through their ranks.
  • US equities appear wildly overvalued, despite constant support from government officials.
  • He cautions investors on US stocks - new purchases may not be warranted. Nevertheless, the PMs equities indexes HUI / XAU remain robust.
  • The PMs shares tend to lead the underlying PMs higher.
  • While the 80% advance in the HUI may seem excessive, the covering of billions of 'naked' shares, could support higher prices.
  • The retail market may not have even begun to dip its collective toe into the proverbial marketplace, which could extend the impressive rally.
  • While gold is destined for a several fold price explosion in the coming years, silver represents the best bargain.
  • The gold : silver ratio could easily drop from 80:1 to 20:1 sending silver to $60 per ounce without any change in the gold price.

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Guest Bio.'s:

Bill Murphy

Bill Murphy, GATA Chairman
Murphy grew up in Glen Ridge, N.J., and graduated from the School of Hotel Administration at Cornell University in 1968. In his senior year he broke all the Ivy League single-year pass-receving records. He then became a starting wide receiver for the Boston Patriots of the American Football League. He went on to work for various Wall Street brokerage firms and specialized in commodity futures. He began as a Merrill Lynch trainee and went on to Shearson Hayden Stone and Drexel Burnham. From there he became affiliated with introducing brokers and eventually started his own brokerage on 5th Avenue in New York. He now operates an Internet site for financial commentary,

John Embry

Sprott Asset Management LP

John Embry joined SAM as Chief Investment Strategist in March 2003, with a focus on the Sprott Gold and Precious Minerals Fund. He plays an instrumental role in the corporate and investment policy of the firm. Mr. Embry, an industry expert in precious metals, has researched the gold sector for over thirty years and has accumulated industry experience as a portfolio management specialist since 1963.

After graduating from the University of Manitoba with a Bachelor of Commerce degree, John Embry began his investment career as a stock selection analyst and Portfolio Manager at Great West Life. He then became Vice President of Pension Investments for the entire firm. After 23 years with the company, John became partner with United Bond and Share, the investment counseling firm acquired by Royal Bank in 1987. John was named Vice-President, Equities and Portfolio Manager at RBC Global Investment Management, a $33 billion organization where he oversaw $5 billion in assets, including the flagship $2.9 billion Royal Canadian Equity Fund and the $250 million Royal Precious Metals Fund, the #1 ranked fund across the country for its 2002 net performance of 153%.

For more information about Sprott's award-winning investment professionals and their market insights, please visit us at or contact us at

To visit the website please: click here.

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