Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Precious metals investment strategist John Embry says the physical gold in the vaults of central banks falls far short of what they claim to own in a “conspiracy which will make the Libor scandal pale in comparison.”
Embry, the chief investment strategist for Sprott Asset Management, told King World News that the West’s central banks are short of physical gold, and that out of “the gold they allegedly own,” a “significant portion..is not in their vaults.”
According to Embry a huge amount of Western central bank gold has already been utilized to satisfying growing demand, and eventually the “truth will be revealed by the lack of physical gold in the market.”
Embry believes much of the gold which should be in the physical possession of the West’s leading central banks in sitting the vaults of Asia and the Middle East, with the Chinese and Indians especially eager to get their hands on whatever physical gold is available.
They love the latest takedown in gold. The more they can get out of dollars and into gold, and the better price they get, this just plays right into their hands. This is an astoundingly stupid policy (being employed by the West). This has been going on for 18 years at least, and I think we are nearing the endgame.
Related:
Germany’s gold vaults exhausted a decade ago: Turk
3 Comments
sailormac
Self serving baloney; without a shred of credible evidence
Gopal Ayyangar
All the banks claims for gold deposit in vaults are paper gold not physical one itwas known fact . Now Central Banks will try to get real gold from market which will shows upwards trend in Gold buying.hence prices are bound to shoot up in near futre.
PrimeValues.org
And there are myths about drilled, tungsten-filled gold bar deposits as well. Physical “fake gold”… But the IMF holds immense quantities of gold – proof that gold is highly valued as a hard asset.