Wednesday, 20 April 2011

Embry - JP Morgan Massive Short Position Causing Silver Spike

When asked about the relentless climb in silver Embry stated, 

“Well there are three factors I think.  We’ve talked in the past about this massive short position that is held by JP Morgan Chase in particular.  I mean this is becoming I think a huge millstone around their neck and if you don’t understand that I don’t think you can appreciate the upside thrust in this.

Now you superimpose that on the fact that the investment demand and the industrial demand are robust and are outrunning the available supply, so you’ve got a great supply/demand situation.  And then you put that against the backdrop of monetary debasement which I think is probably ongoing and probably intensifying and you’ve got the perfect storm.  I mean these people that are trying to pick tops for silver I think are making a mistake, I think it could go anywhere on the upside at this point.”

Read the full interview here:

- John Embry, via King World News