John Embry Says Maguire Is Right, Gold & Silver Smash Was Orchestrated To Bailout Shorts

On the heels of yesterday’s plunge in gold and silver, today John Embry told King World News that Andrew Maguire is right, the gold and silver smash was orchestrated to bailout shorts.
John Embry:  “The takedown in the gold and silver markets orchestrated by the Western central banks just reveals the desperate current state of affairs.  As Andrew Maguire pointed out, this was done to rescue the short positions of the bullion banks, who act as agents of the Federal Reserve and other Western central banks…
Continue reading the John Embry interview below…

John Embry continues:  “In reality this is all just noise as it is putting off the inevitable.  Gold and silver are the Achilles heel of the whole financial system, but most importantly, the global banking system.
For all intents and purposes the global banking system, which encompasses all of the important banks throughout the world, is broke.  It has massive quantities of non-performing debt, unconscionable amounts of mispriced derivatives, and leverage which has never been approached before in human history.
The system is being held together by constant central bank intervention, unsustainably low interest rates, and an unwarranted degree of public confidence.  If gold and silver were to trade freely, their rapid price rises would quickly expose the true fragility of the world financial system, and the ensuing interest rate rise would seriously threaten, if not totally destroy the existing banking system.  Thus, the relentless suppression of gold and silver continues.
However, this is playing into the hands of the Russians and the Chinese, in addition to wealthy individuals globally, who know full well what is coming.  So the shrinking available supplies of above ground gold and silver are being relentlessly accumulated.  And when this process is complete, gold and silver are going to move dramatically higher to levels which have been brilliantly identified by regular KWN contributors Stephen Leeb and Egon von Greyerz.
At that point, the entire Ponzi scheme in the paper gold and silver markets will be revealed, and it has been ongoing for decades.  Those holding paper gold instruments will be scorched and those holding physical bullion will see their true wealth expand dramatically.”

King World News
10/6/2016