"With gold moving towards the $1,700 level, up another $23 today, and
silver closing in on $33, today King World News interviewed John Embry, Chief
Investment Strategist of the $10 billion strong Sprott Asset Management. Embry
said US Treasury Secretary Tim Geithner’s comments prove that massive money
printing is necessary in order to avoid a collapse. Here is what Embry had to
say about the situation: “There is so much interference in the gold
market. Because of that it will be interesting to see what price level will
spark interest in gold again. I do think it’s important to recognize the news
backdrop, the real news, not the constant babble that is coming out of the
powers that be.”
John Embry
continues:
“As an example, a Congressman Gowdy was questioning
Timothy Geithner, in a Congressional hearing. It was interesting the way he
asked one of his questions. He asked Geithner, ‘Let’s say we only have one more
debt ceiling increase that would have to cover all of the future obligations,
what number would that be?’
Geithner backpedaled immediately, he wasn’t going to
get involved in this. Then, Congressman Gowdy starting lobbing out numbers,
‘Would it be $20 trillion or $50 trillion?’ Geithner said, ‘I can’t give you
that number.’ But then, he finally conceded and said, ‘It would be a lot. It
would make you uncomfortable.’
Now that is an astounding statement for the Secretary
of the Treasury of the United States...."
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