You see drops when the COMEX opens and when the London PM fix is in. There are always these times they attack, and no market that wasn’t being manipulated would trade with that regularity.
I am of the mind that the paper guys have overplayed their hand and they have pushed the price too low. The people in the East, in particular, the Russians, the Chinese, etc., know perfectly well the situation. They are using this as a wonderful opportunity to take on more and more physical at what I would consider to be bargain prices.
I was fascinated by what Jim (Sinclair) had to say, that he thought there could be an air pocket in gold to the upside. That would really be something, but it wouldn’t shock me.”
- John Embry via a recent King World News interview, read the full interview here:
