John Embry : Gold headed for $3000/oz

John Embry : Well it could be, because as you go down the path to hyperinflation, it just means that money is being devalued at an ever greater rate. Gold, being real money, is priced in this devalued money. People just don't seem to grasp that it's not gold that's doing anything; it's the value of the money in which it's denominated that's driving the bus. It's going straight down and the price of gold ultimately will go straight up. Now having said all of that, you got to be careful what you wish for, because the societal impact of this could be very, very negative. I would just as soon be wrong, but my job is to analyze things and this is the way I see it. Well, I was bullish in the late 1990's and I was wrong. This is what got me involved with GATA because I started to analyze the situation more closely. When you discovered what the central banks were really doing in this space, leasing their gold and what have you, it all started to become very clear. As I mentioned in my talk yesterday at the conference, I don't think people recognize what weakened position the Western Central banks are in with respect to their gold reserves. As a result, I think, that the swing from supplying gold to the market, where the Western Central banks have been doing this great amounts for 15 years, now with the Eastern Central banks taking gold out of the market, and the Western Central banks being limited in what they can do going forward, this is an enormous change. That alone would have a significant upside impact on the price.