John Embry correctly recommends against picking tops in the silver market currently, stating that “it could go anywhere on the upside at this point”. With the increasing likelihood that May will bring severe physical shortages and possibly the long awaited short squeeze of JP Morgue and HSB.S. this is one train you don’t want to step in front of currently.
From King World News:
With gold hitting new all-time highs and silver new multi-decade highs and the dollar breaking to new recent lows, today King World News interviewed John Embry, Chief Investment Strategist of Sprott Asset Management. When asked about gold clearing $1,500 Embry remarked,
“It’s interesting you ask because I would have thought there would have been a real battle. An individual who I have an enormous regard for as you know, Jim Sinclair, said that he did not think there would be much of a battle at $1,500. He thought it would go through clear and probably make a run at $1,650 which is from his perspective a bigger resistance point.”