"Today
John Embry spoke with King World News about the staggering pace of Chinese gold
imports, Western central bank dishoarding of gold, the imploding global economy,
which country will hyperinflate first, and mining shares.
Here is what Embry, who is chief investment strategist at Sprott Asset
Management, had to say:
“I’m very encouraged by the continued flow of the world’s gold
into China through Hong Kong. The Chinese were essentially accumulating their
gold by purchasing all of their domestic production, and now they are the
largest domestic producer in the world.”
John Embry
continues:
“But now they are buying the world’s gold at an
ever-increasing rate. At this point, based on the imports through the first
nine months of the year, if you pro-rated for the last three months, they would
for the full year have imported a staggering 775 tons of gold.
Well, if you take that as a percentage of the
non-Chinese production, that’s about 1/3 of the non-Chinese mine production
that’s going into China. This wasn’t happening two years ago. So my question
is, where is the gold coming from?...."
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