"Today John Embry told King World News that customers holding “allocated” gold inside certain banking institutions have had their gold “loaned out.” Embry, who is Chief Investment Strategist of the $10 billion strong Sprott Asset Management, also told KWN, “Many of these customers will wake up one day and realize they entrusted their gold to the wrong people.” But first, here is what Embry had to say about what is happening in Europe and how it is impacting gold: “The pressure will be on the Germans today to fall off the austerity kick. The only alternative will seem to be that Germany will have to leave the euro and they are really not in a position to do that. The solution to keep the thing together is going to be more and more money creation and this is extraordinarily bullish for gold.”
at http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/5/23_John_Embry_-_Banks_Are_Loaning_Out_Allocated_Gold.html
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