RE: John Embry's Latest on Gold ReportI only came to find whether or not people want our .03 for Tagish Lake Shares…or the BK assets
https://www.marketwire.com/press-release/New-Pacific-Metals-Offer-Deemed-Fair-Value-by-Tagish-Lake-Independent-Valuator-TSX-VENTURE-NUX-1301584.htm
I own this and other metals and metal companies…but I am in the Rick Rule camp
“Rick Rule: I don't think so although my friends John Embry and Eric Sprott make some very good points with regards to manipulation. My own experience is that conspiracy theorists are people who can't be wrong. I notice there's a lot less discussion about manipulation now that the price is rising.
The second thing about that is who are the manipulators? Allegedly as an example, it was the US government. These guys can't deliver the mail, and they can't educate kids. They had a war against drugs, and drugs won. They had a war against poverty, and poverty won. So I have to assume some level of competence on the level of the manipulator and this isn't an assumption I am willing to assign them.”
Embry needs to start pounding the table for silver and their new physical silver IPO
For those who do not know about the viral spread Mr. Embry
October 21, 2008 Embry went on television in Canada and stated he would not be surprised if the Comex was thrown into a force majeure situation by December 2008....
Dear John Embry of Sprott Asset Management and Co -Chairman of Central Gold Trust,
Contrary to the misinformation you spread about the Comex Exchange in October 2008, the Comex Exchange does not take a financial position in any of the commodities that it trades. As you know John ....the Comex Exchange is merely a clearinghouse. It is neither long nor short silver, gold, or any other commodity. It clears trades between parties in the market thereby eliminating counter-party risk.
Comex Exchange 101
1. If a baker needs to lock in the purchase price of wheat six months from now, he buys a futures contract. Similarly if a farmer wishes to lock in a sales price for his wheat harvest six months from now he sells a futures contract. The Comex Exchange stands between these two parties, ready to fulfill either side of the contract should either party default.
2. Most contracts settle for cash before delivery since transactions for physical commodities may be easier to transact at locations other than Comex Exchange facilities. But since they are in fact legal contracts, either party can enforce the contract terms and either force or require delivery of the under-lying.
3. Comex Exchange merely stands between the parties facilitating the physical delivery. The farmer may deliver his grain on Thursday, but the baker may need it on Tuesday. The Comex Exchange delivers the grain from its silos to the baker on Tuesday, and accepts delivery from the farmer on Thursday. As you are well aware...perhaps to smooth out timing differences in delivery, holds a small inventory of the commodities it trades.
There is no risk of a Comex Exchange default. NONE ZIP ZERO!
For the Comex Exchange to default, a large portion of the longs in the market would have to default, AND Comex Exchange would have to be unable to meet the delivery obligations it would inherit through its own stocks AND the cash markets.
Embry it is like EVERY customer of a bank writing bad checks at the same time..... It just does not happen....
The Comex Exchange will not default, because the Comex Exchange has no position in gold or silver.
John Embry when a long demands delivery..... he is not demanding delivery from the Comex Exchange... but rather from the short. The delivery may take place through the Comex Exchange facilites, but the delivery causes NO CHANGE to the Comex Exchange inventory.
While we have always had the fondest regards to Eric Sprott and all hard working employees at Sprott Asset Management including Mr. Embry we feel it is in the public's best interest to express our concerns about Central Fund as a long term investment hold