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The U.S. government is influencing the price of gold to prop up its currency and bond markets, John Embry, Sprott Asset Management's chief strategist tells BNN.
"The U.S. government, to protect their currency and their bond market, has been actively involved through proxies - the bullion banks primarily - and holding the gold price back," John Embry tells BNN.
Embry notes that since bullion hit a record high above $1,900 US in August 2011, it has reversed more than 17 percent for no clear reason. Gold was trading at around $1,568 US an ounce in New York on Monday.
"The background news has been gold friendly. There is nothing in the news that says you should be selling your gold. Consequently there is this unseen hand in the market that has been forcing the gold and the silver price for that matter lower."
Still, Embry says gold will see its day once again as paper money meets its demise.
"Gold is going to rise to the occasion because paper money is in its terminal state," he says.
Embry says gold will begin to rise once again as investors realize that the U.S., as well as other countries, cannot rescue their currencies through quantitative easing measures.
"It's the realization that quantitative easing cannot be stopped. Right now there is still this conversation from various Fed members that we will be easing QE in the third quarter when the economy improves," he says.
"The [U.S.] economy isn't going to improve that much. There is too much debt in it and consequently they have gone down this path of QE to infinity. They can't reverse it and when that becomes clearly recognized by the public that will be the catalyst to send gold up."