I am happy to award him the Trophy of the Stupidest Statement of the Month for the following statement. Talking about the action in the gold mining shares, John Embry said:
I think there's a computer algo program out there that's being used to discourage people from getting into gold shares by making the share prices act counter intuitively.Remember that this genius believes that gold and silver shares are manipulated by investment banks who have massive short positions in the futures market — showing his complete lack of understanding of what the investment banks do — attends to GATA.org conspiracy theory meetings, and think that silver will reach $300 soon. So it's not his first stupid statement of this kind, and probably not the last one neither.
Given his track records, I started laughing at loud when he said that people who bought US Treasuries "were stupid" and that this asset is the biggest bubble he's ever seen, "making the previous bubbles look rational".
The fact that these kinds of lunatics can come on air and much such statements without the host making any remarks is very damageable to the reputation of the show as well.
Anyway, I hope you don't have money managed by these guys, as their credibility will fall to zero once their performance show a 90% decline and that their theories proves completely wrong.
I've decided to try and award deserve this trophy every month. Given the amount of stupidity available in the asset management world, the only problem I'll be facing is probably to find which one of those extremely stupid comments deserves the price. I hope I'll be able to keep up and make these Awards a monthly one.