Precious metals investment strategist John Embry says the physical gold in the vaults of central banks falls far short of what they claim to own in a "conspiracy which will make the Libor scandal pale in comparison."
Embry, the chief investment strategist for Sprott Asset Management, told King World News that the West's central banks are short of physical gold, and that out of "the gold they allegedly own," a "significant portion..is not in their vaults."
According to Embry a huge amount of Western central bank gold has already been utilized to satisfying growing demand, and eventually the "truth will be revealed by the lack of physical gold in the market."
Embry believes much of the gold which should be in the physical possession of the West's leading central banks in sitting the vaults of Asia and the Middle East, with the Chinese and Indians especially eager to get their hands on whatever physical gold is available.
They love the latest takedown in gold. The more they can get out of dollars and into gold, and the better price they get, this just plays right into their hands. This is an astoundingly stupid policy (being employed by the West). This has been going on for 18 years at least, and I think we are nearing the endgame.