Gold is the Most Contrary Bet You Can Ever Make

“If you have any contrarian in your spirit at all, this (gold) is the most contrary bet you can ever make. It would be most surprising as the year unfolds if we get buying in the (ETF) GLD.

Imagine for one second that instead of getting 900 tons (of gold) coming out of ETFs, we had 900 tons go into ETFs. That would be a dynamic 1,800 ton change, when we (only) mine something like 2,100 or 2,200 tons a year, ex-China, ex-Russia. That in itself would almost consume the year’s mine supply, let alone that China is going to buy more than the (entire) year’s mine supply based on the trends that we’ve experienced already.

I just think gold is threatening to blowout (to the upside), and I think when it does there will be lots of guys wanting to put money in. Then, of course, GLD will be forced to go out and buy some gold.”

- Eric Sprott via King World News, read more here:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2014/2/7_Billionaire_Eric_Sprott_-_The_US_Gold_Is_Gone.html