- Embry – $67 Trillion Shadow Banking System & $10,000 Gold!
Today John Embry spoke with King World News about the the $67 trillion shadow banking system, $10,000 gold, and how this will all end. Here is what Embry, who is chief investment strategist at Sprott Asset Management, had to say: “I’m a big admirer of Keith Barron because I was big player in his company Aurelian. I think he’s a very smart guy and he understands the business extremely well. I agree with him that gold production is headed for a big decline going forward.”
“If you stop to think about it, Eric, the fact that the gold price is currently $170 lower at the end of August of one year ago, given what has gone on with respect to QEs, wars, and financial implosions, it’s preposterous that the gold price is where it is.
But it shows the power of paper, and that’s the reason we have all of these derivatives because you can control markets quite effectively, until you can’t. At that point the price of gold is going to go crazy. Thing about the fact that the shadow banking system is $67 trillion, and the leverage that creates in the system. I just think that the ‘end’ of this is going to be horrific.”