With the Dow now at its highest level since December of 2007, today King World News interviewed John Embry, Chief Investment Strategist of the $10 billion strong Sprott Asset Management. Embry told KWN “This is totally unrealistic and unsustainable.” Embry also discussed gold and the mining shares, and what he is doing with his own money, but first, here is what Embry had to say about what is happening in the stock market: “There is enormous interference in the stock market. The ‘Plunge Protection Team’ or ‘President’s Working Group on Financial Markets’ is in the market, virtually every day, making sure there is enough money being funneled to their primary dealers, so the stock market never has a serious hiccup.”
John Embry continues:
“One of the basic goals now is to hold the Dow above 13,000 because this imparts confidence to the public. This is totally unrealistic and unsustainable because there is nothing in the backdrop other than money creation that would suggest the stock market should be higher. No market in history has traded like this, particularly considering how bad the fundamentals are at this point.
They want to hold this together for another six months, until the elections take place in the US on November 6th. This is their goal. Can they do it? I’d say no….