Friday, April 08, 2016

John Embry & Bill Murphy

April 8, 2016
Featured Guests:
John Embry & Bill Murphy

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Summary:
  • Bill Murphy from GATA.org returns to the show with comments on the national gold stockpile.
  • A growing cadre of researchers note that gold swap arrangements make decyphering the domestic a daughnting task, so reserves are likely overstated.
  • Wise BRIC central banks are accumulating the metal at new records, according to the World Gold Council (WGC), 480 tons of gold was purchased.
  • Key takeaway point: once the gold enters their vaults, the ounces essentially evaporate from the market.
  • Gold bears can no longer claim that the monetary metal carries zero interest, gold and silver both pay substantial interest by avoiding interest payments.
  • Like John Embry, Bill Murphy expects a big shift in investor tastes, making the unloved silver sector the defacto loved asset class du jour.
  • His work indicates a 100:1 risk to reward ratio in silver, $1-$2 risk on the downside with at least $100 on the upside.
  • Naked short-selling in the highly illiquid markets helping send PMs shares to outperform the underlying metals, as shorts scramble to cover.
  • Chris welcomes back, John Embry, Senior Strategist at Sprott Asset Management.
  • He shares his outlook on the precious metals sector.
  • News that gold was higher by 16% in the first quarter unnerved the central bank cartel, sending shockwaves through their ranks.
  • US equities appear wildly overvalued, despite constant support from government officials.
  • He cautions investors on US stocks - new purchases may not be warranted. Nevertheless, the PMs equities indexes HUI / XAU remain robust.
  • The PMs shares tend to lead the underlying PMs higher.
  • While the 80% advance in the HUI may seem excessive, the covering of billions of 'naked' shares, could support higher prices.
  • The retail market may not have even begun to dip its collective toe into the proverbial marketplace, which could extend the impressive rally.
  • While gold is destined for a several fold price explosion in the coming years, silver represents the best bargain.
  • The gold : silver ratio could easily drop from 80:1 to 20:1 sending silver to $60 per ounce without any change in the gold price.

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Chris Waltzek
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