Gold Up Another $500 in 6 Months – John Embry

Commodities guru John Embry sees gold prices soaring $500 over the next 6 months – on track to $2000.
The catalyst? Demand for physical gold.
Who might want physical gold? Chinese citizens who have been previously moving cash savings into hard assets like real estate which now appears shaky.

Story here:
…Significant factor for Embry is the difference between the paper gold market and the amount of physical gold around to cover it.

“If you have short positions and paper gold to the extent that you have right now, the whole situation is distorted. The fact is, and I think there has been some really good work done on this recently, I mean there is so many paper claims on each good delivery bar, that if everyone decided one day that they didn’t want their paper gold, they wanted the gold that was supposedly underlying it and they demanded it. It would just blow the top off the market and I think, before this is over, that will occur.”

He adds, “I think that North America and Europe are going to become less and less a factor in the market, right now the price is being controlled in the paper market on the LBMA and the COMEX. I think that is in the process of changing, if the physical market takes over, as I think it will, there is nowhere for the price to go but up.”

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