http://www.nationalinvestor.com/embry%20report.htm"It seems that well-regarded mutual fund manager John Embry of Royal Bank of Canada (among
other things, he manages the bank’s very successful precious metals mutual fund, which happens to own a
significant piece of Claude Resources) authored a report on the gold market for his peers at the bank. In it,
he offered his viewpoint that--among other things--there has indeed been a “conspiracy” to suppress the
gold price, the suppression has been engineered chiefly by the U.S. Federal Reserve, and that the Fed is
scared to death that it could lose control and have all those billions of dollars worth of derivatives to clean
up. The ingredients, according to Embry’s report, could lead to a far more dramatic price rise at some
point than most expect."
" For their part, embarrassed (and quite angry) Royal Bank officials were quick to claim that Embry’s
report does not represent the bank’s views. Instead, this was a report meant for other managers and big
shots at RBC, and was not intended for public consumption, they say. Bottom line, the bank is hopping mad
that of all the people who got their hands on this, it was Bill Murphy. (NOTE: Murphy claims that this report
also went to some of the “biggest and best” clients of the bank, one of whom forwarded it to him.)
Embry cannot be dismissed, however--and he is respected enough that this report is turning some
heads. As Matthew Ingram of Toronto’s Globe and Mail put it in one article on this crazy story, getting such
a well-regarded money manager from a major bank to essentially agree with what GATA has been saying
for a few years now is, “. . .a bit like the U.S. government admitting that yes, there was a top-level CIA plot to
assassinate former president John F. Kennedy, and the whole lone-gunman theory was just a crock.”
Read the "Embry Report" at the link above.
VERY interesting indeed.
BHN
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