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Sprottís John Embry Calls Greatest Buying Opportunity in the Entire Bull Gold Market

May 6, 2013 - Sprott Asset Management’s John Embry said in a recent interview that printing money does not lead to a lot of growth. He added he thinks it’s going to lead to a lot of inflation. He said the liquidity created by printing money does little to nothing to increase growth.

Embry also said it is currently a very problematic time for the U.S. dollar, voicing fears the U.S. dollar will at some point in the relatively near future shed its role as the world’s reserve currency. Embry said the United States has not lived up to its responsibilities as the provider of the world’s reserve currency, given lax U.S. fiscal policy, which has led the Chinese to cut deals with countries around the world in which the dollar is being knocked out of the transaction. Sprott believes that as such transactions become more common the U.S. dollar will decline and with that demand for dollar will drop.

A precious metals bullion specialist with CMT group, Karl Schott, said buyers came out of the woodwork for gold and silver bullion products in what he called the best buying opportunity since the collapse in 2008. Schott said it was a surprise to everybody, but especially the gold cartel, as evidenced by the price action.

Following the biggest one day drop in gold since the 1980s on April 15, which saw prices drop over 9 percent, buyers began rushing the physical bullion market in a buying frenzy not witness in recent memory or by veterans of the market.

John Embry, further analyzing the market said things are far, far worse and it should be closer to 20 percent or 25 percent as its insurance if your worst fears are realized. Embry said gold will preserve its purchasing power.

Embry believes now is the time to buy gold. He said he thinks in the fullness of time this will be seen to be the greatest buying opportunity in the entire bull market that started more than 12 years ago. He said prices have been pounded down to levels where the mining companies can’t make any money and anyone who says that gold is in a bubble is making a ridiculous assertion.

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Jonathan Monroe

Senior Staff Writer -

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