Sunday, June 19, 2011

In my heart of hearts I believe it was a manipulation

After a record surge in prices towards a record high just short of $50, silver crashed back down in May to around $32.

Many analysts have struggled to give a reason to these large swings, with some speculating the extreme depreciation was due to price manipulation. “In my heart of hearts I believe it was a manipulation. There was no market, it was a setup. They‘ve just pushed it down. It‘s ridiculous,” said Eric Sprott, CEO of Sprott Asset Management.

Looking ahead, Sprott is preparing for the next bull – run in silver if the US implements QE3. “A lot of that QE1 and QE2 are giving a tailwind to gold and silver. If you want to tell me there‘s going to be a QE3, I‘m going to tell you silver will hit $50 before we even know it,” Sprott added.

Read the full article here: