The silver price is grotesquely undervalued so I have to congratulate JP Morgan if they are clever enough to sell paper and buy real silver. Before this is over, there is probably going to be a ‘force majeure’ in the paper market because there are so many claims to such a small amount of silver. If that were to occur, people who owned the metal or even exchange-traded products that have a real claim to the metal would be the big winners.
When this comes to light, I think the upside to the silver price will be incredible. My colleague Eric Sprott and I think that within a reasonable timeframe silver will probably trade over 100 dollars – a big move from its current price of 20 dollars an ounce.
- Source, John Embry of Sprott Asset Management, read more here:
