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Gold Is Your Only Protection from Counterparty Risk (Audio)

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Chris Waltzek interviewed John Embry on GoldSeek Radio this week. Embry is Chief Investment Strategist at Sprott Asset Management and shares many of Peter Schiff’s views on the United States economy, which he believes is heading towards a currency crisis. He emphasized what a great opportunity investors have right now to get into precious metals at very low prices. American citizens should look to the inflation in Argentina or Russia to see why they want to be holding gold when the dollar starts to dive.

Highlights from Embry’s interview

“I think what we’re seeing is brilliant propaganda. The story that is being delivered is that the US economy is now recovery strongly, I guess. Employment is improving, and the stock market is reflective of all this. In my opinion, nothing could be further from the truth. I do not believe the US economy has any vitality. Basically, it’s holding in there because they’re putting enough money into the system that it doesn’t collapse…

“I don’t think there’s any true price discovery going on [in the stock market]… It’s absolutely essential for confidence reasons that the stock market be seen to be doing well. I think that is the major factor behind the pricing. Unfortunately, you can only avert reality for a while. At some point I think there will be a day of reckoning… I would be extremely careful if I were an investor today in the traditional stock market…

“People basically don’t pay attention. I was in Argentina this year when the peso was falling apart. I was thinking, ‘Anybody that owns gold in Argentina is fine.’ And yet the average citizens was getting crushed. It’s happening in more and more places. To take the point further…

“If you look at [Russia’s] finances, they’re in an infinitely better state than the United States. They don’t have nearly the debt, and I think it’s a great indicator to the citizen in America… that you’ve got to have some diversification in the asset that basically doesn’t have any counter-party risk. Counterparty risk is going to be a huge problem going forward. Gold bullion has zero counterparty risk, and I think it should be in every portfolio…

“The United States dollar has been about the strongest currency in the world recently. If you actually look at the reality, it doesn’t deserve to be. More importantly, it’s starting to put pressure on the US economy… Exports/imports are going to start working against the United States. I think it will probably happen in 2015, the dollar problem. I think that’s got the people in Washington terrified. Because if that were to happen, interest rates would rise. The one thing the North American economy cannot tolerate is higher interest rates. It would bring the whole scene to a grinding halt…”

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