With gold trading above $1,700 and silver over $32, today King World News interviewed John Embry, Chief Investment Strategist of the $10 billion strong Sprott Asset Management to get his take on where he sees gold, silver and the mining shares headed. When asked about the action in gold and silver, Embry responded, “Well I think we are continuing this lengthy consolidation that’s sort of after the takedown, post Labor Day. We’re rebuilding the market and we are getting close to the next major upleg. I’m actually encouraged in this belief by the fact the sentiment is quite negative.”
John Embry continues:
“I talk to a lot of people who understand the fundamentals, but who are really beaten down by the price action and are contemplating selling. I said, ‘Guys, get a grip, think about the fundamentals.’ I remember back in 1981 after those huge interest rates, a lot of smart guys positioned themselves in the futures market for a big move in the bond market. Just before it started there was a violent counter-trend rise, a further rise in rates that wiped them out.
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Source: KingWorldNews
