Embry - Gold & Silver Takedown & The Impact On Investors

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Then, when you apply that to the small gold and silver markets where you have relatively tiny physical markets but massive paper markets sitting on top of them, it’s not all that difficult to effect what (the price drop) they did.  But I must confess, having said all of that, I am amazed they have able to pound gold down this far given the physical offtake that is occurring.  You are getting anecdotal evidence that retail outlets are being cleaned out across America.  They are not fooling the real people that know what is going on.

But in the paper market it has been an absolute disaster.  My greatest concern right now is that people who are positioned correctly for what is coming, this financial and economic tsunami, they are being driven from the market by fear.  It’s going to be a tragic mistake.

I wrote a note for our staff on Friday and said, “Do not sell your positions.  This is an orchestrated takedown to encourage you to do just that (sell out).”  I guess what we went through was just about as violent and unpleasant an experience as we’ve had in the whole bull market, which is now over 12 years in duration, but when we look back on this period two or three years from now, I think it will look like a small blip on the chart.