John Embry & Chris Waltzek on GoldSeek Radio – September 1, 2016

by Chris Waltzek
GoldSeek Radio

John Embry, Senior Strategist at Sprott Asset Management returns with key insights into the startling 2016 PMs market rally. The recent pullback represents a discounted buying opportunity within a new long-term bull market. Once gold breaks out of the consolidation in terms of the US dollar, the de facto reserve currency will continue higher. In addition, the official 3,000 ton gold reserve figure at the PBoC is likely understated; the true stockpile could represent the largest worldwide by a factor of at least 2-3 fold, beyond even that of the USA and without encumbrance, such as leasing arrangements. In addition, a recent article by Koos Jansen shows that China’s top banks likely hold massive gold reserves, the traditional asset of choice, contrary to their colleagues in the West, which detest the “barbarous relic.” The discussion includes “Bond King”, Bill Gross, who may soon earn a new royal title of “Gold King.”

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