With the price of gold and silver getting trashed, today a 50-year market veteran spoke with King World News about the real reason for today's gold and silver smash. He also said that Dr. Paul Craig Roberts is right and warned that 2015 will be the year of the great reckoning.
Eric King: “John, I know you’ve had a chance to read the KWN interview with Dr. Paul Craig Roberts. Dr. Roberts said the West has been completely and utterly defeated militarily in eastern Ukraine. When you look at the smash in gold and silver today, do you sometimes wonder how much of the irrational action in gold and silver is used as a distraction, especially since the Western central planners want to divert from the fact that their Ukraine Army has been thoroughly crushed in the east?”
John Embry: “I have always felt that one aspect of this whole takedown of gold and oil has been related to the Russian issue. I would also agree with Paul Craig Roberts that the West has now been thoroughly defeated in Ukraine.
Whenever there is bad news in the market, from the Western perspective, gold and silver get trashed. Well, I agree with Dr. Roberts that what has transpired in Ukraine is very bad news for the West and guess what: Gold and silver are being trashed. And to your point, Eric, one has to ask the obvious question today: Why are the gold and silver prices collapsing in the face of a news backdrop that should be sending them up sharply?….
Silver – The Most Undervalued Financial Asset On The Planet
What would prompt the price of silver to plunge by over 5 percent? Silver is the most undervalued financial asset on the planet. Shortly after trading began in the United States today, the metals were trashed. This is a Comex-inspired phenomenon, where overt manipulation is a daily fact of life.
Strange Margin Hikes
Silver open interest had risen and, as is standard practice, the longs are being fleeced once again by the bullion banks, who are acting as the agents for the Western central banks. One has to ask the question: Why have silver margins been hiked twice recently, when the price of silver is at rock bottom levels for the past few years and volatility is relatively mild?
Why aren’t they hiking margins on the stock market, which is grotesquely overpriced by any historical metric? You know why, Eric, for the simple reason that the stock market has to be supported at all costs and gold and silver cannot be seen as alternatives to massively overvalued paper financial instruments because it would blow a whistle on the Western Ponzi financial system.
Propaganda Used To Hide The Truth
The bottom line is things in the West are not as the mainstream media is reporting. When you look at the micro-numbers, the U.S. economy is falling apart. Yet the Western propaganda would have people believe that job creation is robust and GDP growth is as strong as any time in the last 7 or 8 years.
The Great Con
The latest U.S. Jobs Report was an insult to anyone with an IQ over that of a grapefruit. This is all part of the policy of the United States that the U.S. dollar must be supported at all costs. The illusion of a strong U.S. economy and the inevitability of an administered rate hike are all part of the con.
But this rubbish can only be peddled for so long and then, eventually, the Piper must be paid. When that happens the Comex gold and silver paper markets will be revealed for the massive Ponzi schemes that they are, and that’s the last thing the authorities want people to see. Thus, the day of reckoning will be postponed as long as humanly possible.
2015 – Year Of The Great Reckoning
All of the financial innovations that now make global financial markets totally unstable have allowed this Ponzi scheme to go on far longer than any rational mind can grasp. However, this will just make the ultimate day of reckoning that much worse. When that day of reckoning arrives, and it will arrive this year, the bond market will be exposed as one of the greatest bubbles in human history.
Thus it remains essential that investors have substantial exposure to gold and silver and their respective equities, irrespective of their irrational short-term price action — driven by desperate people attempting to delude the public.”
Einstein's Ominous Warning To The World
Embry added: “Any thinking human being realizes that the most dangerous thing the planet faces is the warmongers. With such enormous stockpiles of nuclear arsenals around the world, it just reminds me of Einstein’s warning:
But, Eric, the scary thing is that nuclear weapons are considerably more sophisticated and dangerous today than when Einstein issued that ominous warning to the world.”
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