Tuesday, November 8, 2011

John Embry: Expect $70 Silver Within Months

When The Doc first predicted that silver would reach $70 by the end of 2011, the next highest prediction was Eric Sprott, who predicted silver to reach $50 by early-mid 2011.
With less than 2 months remaining in 2011, numerous major silver analysts are suddenly jumping on board with similar predictions. 
Add Sprott's John Embry to the list, who today stated that we are close to seeing silver double overnight into the $60-$70 area, which could happen within months.

If you look at silver there is no bullish sentiment.  The reason for this is up until now there has been a wall of paper selling that’s keeping silver trading below $35, and silver has been subject to a couple of vicious attacks recently.  So I think people are uncomfortable, but at the same time people who buy physical silver, that’s all I buy, we’re delighted.
I mean it’s hard to get silver and you have to pay premiums for it.  The real price of silver is in the physical market.  This paper market is a complete and utter sham and when the paper market it broken, and I think we’re close to that happening, silver will double overnight into the $60 to $70 area and that could happen within months.” 
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