But if they take that second option where they are just devaluing the currency, the price (of silver) can go anywhere. There is no limit where something that’s in demand and real can go relative to these fictitiously valued currencies. So of course silver could go to $400. It could go to $1,000. If we get into some hyperinflation, who knows what the number could be?
But if you ask just ‘What would you rather have, a $20 bill or an ounce of silver, or $1,300 in notes or $1,300 in physical gold?,’ I think the answer is a very simple answer when you realize what’s going on today. It’s funny that we have to put up with this two years of nonsense that’s gone on in the paper markets, but most of the people you interview, who foresaw these things many, many years ago and participated in it as you and I did, just know that the day is coming when we are going to see some huge moves in the price of gold -- not withstanding the CME's trying to limit them at the time.
That is not going to work. They will probably default. Someday the Chinese will put in an order in (to buy) and there won’t be any gold, and silver could disappear so quickly, (laughter ensues), or platinum or palladium. There is hardly any production per year, and what production there is, probably a third of it is on strike right now. So I think our day is coming.
- Source, Eric Sprott via King World News