Embry - 1,000 Ton Swing In Gold, Russians & Chinese Buying

"Today John Embry told King World News that the Russian and Chinese purchases have led to a massive 1,000 ton swing in the physical gold market, and despite the pullback, gold will trade many multiples higher than current levels. Here is what Embry, who is chief investment strategist at Sprott Asset Management, had to say: “I’m focused on the preposterous action in the gold and silver market. This is being done by all of the usual suspects in the paper market, and it bears zero resemblance to the real status of both the gold and silver markets.”

John Embry continues:

“The Chinese announced they had record gold imports in the month of December, and for 2013. For the year they imported 834 tons. Then, it came out today that Mr. Putin has been turning his black gold, which is oil, into as much gold as he can get his hands on.

So the two, I would say avowed enemies of the United States, China and Russia, are just taking advantage of this opportunity to pile up all of the physical gold they can....

“I will tell you something else, both of these countries are aware of everything that GATA has alleged for the past 14 years. I went to a conference in the Yukon back in 2005, and one of the guys attending was Putin’s right hand man, Andrey Bykov. Bykov was fascinated at what was being presented. Not surprisingly, the gold price went up about 60% over the next six months. I believe it was the Russians buying, and we are continuing to see them acquiring gold.

The Russians are one of the largest buyers of central bank gold, and they are aware of the true nature of the gold market. Mr. Putin and his associates are saying that if the US dollar gets into a difficult position, those countries which have a lot of gold to back their currencies are going to be in an infinitely better position than those that don’t.

 

This is why the Western gold is headed East and the Western hoards are being hollowed out. I just think the Westerners are making a catastrophic error here, and I hate to see what’s happening as a committed Westerner.”

at http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/2/11_Embry_-_1,000_Ton_Swing_In_Gold,_Russians_%26_Chinese_Buying.html