Eric Sprott: Expect $50 Silver, Gold Possibly $2,150 by Spring

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.

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“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.”

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“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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