Wednesday, January 5, 2011

John Embry - Gold Over $2,000, Silver Above $50 in 2011

With a sharp two day correction in gold and silver taking place, King World News today interviewed John Embry, Chief Investment Strategist at Sprott Asset Management. When asked about the quick decline Embry stated, “This may be the best opportunity you’re going to get at least from a price sense to buy gold and silver in the next few days. I think when this correction however long it will last is over, it will probably mark the lows for the year which will then be the liftoff to the eleventh consecutive year of higher gold prices.”
John Embry continues:

“The returns over the last 10 years, gold returned over 18% and silver close to 24% annually. These are spectacular returns and we haven’t seen anything yet, we’re not even close to the third leg which is the blowoff.
As you know we started the Sprott Phyiscal Silver Trust about about 3 months ago. We still haven’t got all of our silver in yet, we’re close, we’ve almost got every last bar. But it’s taken the better part of 2 1/2 months to get it in, so the suggestion that this physical market is tight probably isn’t a strong enough suggestion, it’s really tight!

You and I were buying this morning John personally, you probably bought for the fund as well, but I know we were personally buying. You have to have conviction in order to buy during these dips, and you have to know the companies...You had one company that was dipping 10%, you stepped in and were a buyer, it’s already recovered I think.

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