Gold Going to $1,500—John Embry

Source:

"In John's commentary he says that the silver fundamentals are better than those of gold. . ."

Gold going to $1500/oz, the opening statement as BNN talks gold with John Embry, chief investment strategist, Sprott Asset Management.

In John's commentary he says that the silver fundamentals are better than those of gold and, despite being an avid gold bug, he expects silver to do better than gold. He also expresses some surprise at the amount of time Barrick Gold Corporation has taken to close their hedge book of nine million ounces of gold.

The G20 are due to meet shortly so it's not in their interest to have gold making extraordinary gains before the meeting as they will be telling the world that they have everything under control. Should gold move sharply higher, then this could be embarrassing for them. It will be interesting to observe golds performance before and after the meeting.

The meeting of the G20 is planned to take place in the U.S. city of Pittsburgh, which is scheduled for September 24–25, 2009.

As we write gold has just closed in New York at $1,007.20 and silver has closed at $17.01, with green on the screens everywhere and the HUI up 12.67 to 432.34 you have good reason to smile so make it a big one.

The second half of the BNN clip is an interview with Yale Simpson, executive chairman, Exeter Resource Corporation who has recently announced an incredibly large gold discovery, which you may also find interesting.

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