As U.S. Lies & Suppresses Gold, Its People Are Getting Crushed
Today a man who has been involved in the financial markets for 50 years told King World News that as the U.S. lies and suppresses the price of gold, its people are getting crushed. He warned the public is being fed one lie after another by the “Ministry of Propaganda” -- the mainstream media. Below is what John Embry had to say.Embry: “I’m focused on the gold market, which is clearly getting hammered today. When the open interest rose sharply several weeks ago as the price was advancing, you knew then that the paper price of gold was becoming vulnerable because the anti-gold cartel has been using this same wash/rinse and repeat cycle for years....
“They get the speculators on the long side, and as soon as they are in a vulnerable position, they come up with some manufactured news and the cartel starts taking down the price of gold which knocks these paper traders out of their longs. We are just going through the same cycle again.
Gold is already down about $80 from its recent highs, but the fact is that nothing has changed since gold traded at $1,390 vs. today, except that these guys have the paper longs liquidating. In the long run this means absolutely nothing. At this point gold is extremely cheap, very few people own it, sentiment is rotten, and every currency in which gold is denominated in is being seriously debased. Everyone who is not buying physical gold at these prices is making a huge mistake.
There is a war going on in the gold market and it is a war of psychology. This is why they keep trying to wear people out psychologically and exhaust them into selling. The problem is that this is not going to work with goldbugs. People invested in gold know that the currencies are being destroyed and that governments are imploding their economies with what will be seen in the fullness of time as catastrophic policies.
I don’t believe the central planners can hold this together through the end of this year because the problems in the system are simply too acute. As an example, food prices are going through the roof compared to last year. This is what the average person has to deal with.
The average person’s income isn’t rising, and yet the prices of things they have to consume such as food, energy, shelter, and healthcare, all of these things are rising in price. But the central planners keep telling people there is no inflation. The government is just lying to the people.
Virtually every economic report from the government is a lie -- from GDP growth, to inflation, etc.. The central planners are trying to sell people on the fallacy that the U.S. economy is recovering and this is bad for gold and good for the stock market. That is patently false. The truth is that if they don’t continue to pump money into the system, it will crater.
So the idea that this tapering will continue is preposterous. It’s just another government sponsored lie that is fed to the public through its ‘Ministry of Propaganda’ -- the mainstream media. The reality is that the West can’t support both its economies and its currencies. They are mutually exclusive.
I know the central planners are going to try to hold together the economy and the financial system, and this means the currencies are going to crater. This will be wildly bullish for things like gold, silver, and other tangible assets. None of this artificial manipulation is going to fool any of the army of investors in gold and silver around the world. These people are just too well-informed and they know how this is going to end -- very badly.
Right now financial assets are grossly overvalued, and hard assets such as gold and silver are extremely undervalued. But because of the vulnerability of the global financial system, these guys are going to try to perpetuate this lie as long as they can because the minute this reverses, it’s all over for them and they know it.”
