Embry - Silver Market Extraordinarily Tight, Look for $125
With gold and silver on the rebound, today King World News interviewed John Embry, Chief Investment Strategist of the now $9 billion strong Sprott Asset Management. When asked about gold breaking out in Euros and the Pound Embry stated, “I think it’s very significant. I mean the fact that they held it (gold) in Euros there for weeks, but now I think the problems in Europe, in the periphery are becoming so apparent and the anger is starting to really rise to the surface, they are basically spurring buying in these countries.”
Embry continues:
“People are feeling more comfortable protecting themselves with things like gold. I think it is significant that it (gold) has broken out here in Euros and in the English Pound and I think it will break out to new highs against the US dollar before this move is over.”
When asked about the action in silver specifically Embry remarked, “Let’s face it, silver needed a correction because it had gone up in almost a straight line and people were talking about parabolas and what have you. But the correction was amplified by the CFTC allowing or sponsoring five margin hikes in eight days. Every time the price was getting pounded they put in another margin hike, so anybody that
was long and didn’t have extraordinarily deep pockets had to puke the position.
For More GoTo:
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/5/24_Embry_-_Silver_Market_Extraordinarily_Tight,_Look_for_$125.html
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