With gold and silver rallying off the lows today, King World News interviewed Eric Sprott, Chairman of Sprott Asset Management which has $8 billion under management.
“We had to go into the market and buy about 15 million net ounces from third parties and it took us about ten weeks. It was a very, very long process and the one thing we can read out of it is obviously there weren’t 15 million ounces sitting around somewhere.”
“I haven’t had time to study where the bars came from, but I can tell you by looking at the pictures of the bars they look like they came right out of the refineries. So I suspect it’s a hand to mouth situation in silver.
When asked about price targets for both gold and silver Eric responded, “Our best technical advisor, he thinks (gold) it’s going to $2,150, and he thinks it is going to $2,150 this spring.
I think silver is a little easier to predict because I think it’s going to change relative to gold which is a more predictable event and more timely. I’ve always thought that silver should touch $50, and I’m not going to be surprised if it touches it by the middle of this year as people realize there is an absolute shortage.”
Full article here: KingWorldNews
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