- Source, Gold Seek:
Wednesday, November 27, 2013
Silver and Silver Stocks Will Go Much Higher!
Friday, November 22, 2013
It's Impossible to Deal with the Debt
“The United States is already insolvent. They announced their own GAAP budget deficit, which was $6 trillion last year. $6 trillion! They (only) had revenues of $3 (trillion). And the combined debt and entitlements is now $60 - $70 trillion.
Now, can you expect somebody with $3 trillion of annual revenue to be able to deal with $60 trillion of debt? It’s impossible. So, mathematically it’s over...."
- Eric Sprott via King World News:
Now, can you expect somebody with $3 trillion of annual revenue to be able to deal with $60 trillion of debt? It’s impossible. So, mathematically it’s over...."
- Eric Sprott via King World News:
Wednesday, November 20, 2013
China Now Imports 1,200 Tons of Gold
“The numbers speak for themselves. In 2012 I wrote that I can see 2,200 tons of net new buying per year in a market that produced (only) 2,700 tons (of gold). That was back in 2012. Just think, Eric, in the 12 months to August of 2011, China imported something like 100 tons (of gold). Now they import 1,200 (tons of gold). They’ve increased their tonnage (of gold purchases by a staggering) 1,100 tons.
If the total (world) supply, including recycling is 4,000 (tons), which I highly doubt, that means they’ve come in and bought an extra 25% of the market. How can somebody come in and buy an extra 25% of the (entire global) market at that same time that the price falls by 30% or 40%? It’s just totally ridiculous that it would ever manifest itself that way. If they bought (an additional) 25% of the oil, wheat, or the corn markets, the price would not be going down.”
If the total (world) supply, including recycling is 4,000 (tons), which I highly doubt, that means they’ve come in and bought an extra 25% of the market. How can somebody come in and buy an extra 25% of the (entire global) market at that same time that the price falls by 30% or 40%? It’s just totally ridiculous that it would ever manifest itself that way. If they bought (an additional) 25% of the oil, wheat, or the corn markets, the price would not be going down.”
- Eric Sprott via a recent King World News interview, read the full interview here:
Monday, November 18, 2013
Recent Price Drops in Gold Bizzare
Eric Sprott, CEO of Toronto-based Sprott Asset Management, says gold’s price has recently dropped because faulty statistics underreport demand and overestimate supply.
In October he wrote an open letter to an industry group, asking them to change the way they calculate supply and demand for gold in a way that would make the metal seem like a hotter commodity.
“This lack of quality information has certainly been one of the driving factors behind the lack of investors’ confidence towards gold as an investment,” he wrote.
In an interview, Mr. Sprott called gold’s recent drop in price “bizarre.”
In October he wrote an open letter to an industry group, asking them to change the way they calculate supply and demand for gold in a way that would make the metal seem like a hotter commodity.
“This lack of quality information has certainly been one of the driving factors behind the lack of investors’ confidence towards gold as an investment,” he wrote.
In an interview, Mr. Sprott called gold’s recent drop in price “bizarre.”
Saturday, November 16, 2013
We Have NEVER Printed More!
“We have never printed on a daily basis more than we are printing right now, and all the while, interest rates doubled! Just the talk of tapering moved the rates significantly higher. I happen to believe that they have lost control of the bond market. Just by talking the talk the rates doubled and if they walked the walk, I think we would see a dramatic increase in rates here and severe carnage in the bond market.”
- Eric Sprott via a recent Silver Doctors interview:
Thursday, November 14, 2013
The Next Move in Gold...
“Eric Sprott…is as aggressive as I have seen him since the year 2000…he is as is his style, the style that has made him a billionaire, very aggressively going into the marginal junior producers…companies that barely make money at $1400, but would be making $800 or $900 an ounce if the gold price went higher….
Eric believes that gold within 12 months will certainly be above $2000…[and] that this is the year where his portfolio will see ten to fifteen–10 to 20 baggers.”
Eric believes that gold within 12 months will certainly be above $2000…[and] that this is the year where his portfolio will see ten to fifteen–10 to 20 baggers.”
- Rick Rule discussing Eric Sprott in a recent interview:
Tuesday, November 12, 2013
Chinese Yuan Will be the Dominate Currency Going Forward
“We’ve had so many false starts (and promises) -- ‘The economy is going to be great in 2010,’ and it’s not. ‘It’s going to be great in 2011, 2012, 2013,’ and it’s not. Now, they are already talking about it being ‘great in 2014.’ But we are actually regressing, even though they (central planners) don’t want to admit it, because the numbers are all manipulated in one way or another.
It will happen that gold will be accepted as the asset to back a (major) currency. And the currency with the most gold behind it, which I suspect is already the Chinese yuan, and growing rapidly, will be the dominant currency going forward. Of course this doesn’t portend well for all of the central planners currencies. They (the Chinese) are doing the smart thing by buying real physical assets. So I guess the best way of putting it is, just follow the Chinese, my friend, and you are going to be OK here.”
- Eric Sprott via a recent King World News interview:
It will happen that gold will be accepted as the asset to back a (major) currency. And the currency with the most gold behind it, which I suspect is already the Chinese yuan, and growing rapidly, will be the dominant currency going forward. Of course this doesn’t portend well for all of the central planners currencies. They (the Chinese) are doing the smart thing by buying real physical assets. So I guess the best way of putting it is, just follow the Chinese, my friend, and you are going to be OK here.”
- Eric Sprott via a recent King World News interview:
Sunday, November 10, 2013
The Facts Don't Lie
"You can look at the facts on physical demand for gold and silver. You can look at the facts on government deficits, and you just have to take yourself to where it’s going (the end game). And whether it happens in a year or two, it’s going to happen...."
- Source, Eric Sprott via a recent King World News interview:
Friday, November 8, 2013
Eric Sprott's Response to World Gold Council
- Source, Sprott Money Weekly Wrap Up:
Wednesday, November 6, 2013
US Mint Sales of Silver Have Been Booming
“There is an interesting thing going on there, Eric. We get data out of India. They consumed slightly less than 2,000 tons of silver late year. It would appear they are going to consume 6,000 tons this year....
It might be a little early for me to say that because as gold has been restricted, that number might even be well above that (total of 6,000 tons of silver). In the first 8 months there were something like 4,000 tons (already consumed), so we are just extrapolating that trend, but the trend was gaining strength as the year went on.
But when you (as India) buy an extra 4,000 tons of silver in a year, you are buying an extra 17% of the (entire global) market. So we have a new entrant into the (silver) market who takes down 17% of the supply, and the price goes down. It’s the same analogy as China buying gold. They (China) buy 25% more of the (entire global) market and the price (of gold) goes down.
Those things don’t hold together. Logically this should not happen (the price of silver going down). So, I’m very optimistic on silver. The US Mint silver sales have just been booming here. They are still 50/1 in terms of the physical relationship to gold at the US Mint. We (only) produce 11-times more silver (than gold). We (only) have about 3-times more silver (available) for investment, and yet investors, via the (US) Mint, are buying it at a 50/1 ratio to gold. That cannot persist too long without the price of silver going up (substantially).”
It might be a little early for me to say that because as gold has been restricted, that number might even be well above that (total of 6,000 tons of silver). In the first 8 months there were something like 4,000 tons (already consumed), so we are just extrapolating that trend, but the trend was gaining strength as the year went on.
But when you (as India) buy an extra 4,000 tons of silver in a year, you are buying an extra 17% of the (entire global) market. So we have a new entrant into the (silver) market who takes down 17% of the supply, and the price goes down. It’s the same analogy as China buying gold. They (China) buy 25% more of the (entire global) market and the price (of gold) goes down.
Those things don’t hold together. Logically this should not happen (the price of silver going down). So, I’m very optimistic on silver. The US Mint silver sales have just been booming here. They are still 50/1 in terms of the physical relationship to gold at the US Mint. We (only) produce 11-times more silver (than gold). We (only) have about 3-times more silver (available) for investment, and yet investors, via the (US) Mint, are buying it at a 50/1 ratio to gold. That cannot persist too long without the price of silver going up (substantially).”
- Eric Sprott, as seen on King World News:
Monday, November 4, 2013
Eric Sprott Defends Andrew Maguire
Eric had this to say in defence of Andrew Maguire:
“Obviously I believe everything that Andrew has said, including the information that he had given to the SEC when they didn’t follow-up on it. I heard him speak in London in 2011, and I believe everything he has done is absolutely correct.
When he gives interviews with you, and he tells you about the tonnage that moves around, sure enough you see it — then the GOFO rate goes negative. Obviously there is a huge shortage of gold, which everyone is trying to cover up. So I believe totally in what Andrew says, and I think he’s been a great spokesperson for the gold community.”
“Obviously I believe everything that Andrew has said, including the information that he had given to the SEC when they didn’t follow-up on it. I heard him speak in London in 2011, and I believe everything he has done is absolutely correct.
When he gives interviews with you, and he tells you about the tonnage that moves around, sure enough you see it — then the GOFO rate goes negative. Obviously there is a huge shortage of gold, which everyone is trying to cover up. So I believe totally in what Andrew says, and I think he’s been a great spokesperson for the gold community.”
- As seen on Sprott Money:
Saturday, November 2, 2013
The US Debt Ceiling and How it Affects Gold
Join us on our discussion with John Embry, Chief Investment Strategist of Sprott Asset Management, and Peter Spina, President and CEO of GoldSeek.com in regards to the US debt ceiling and its implications on gold and silver.
- Source, Eric Sprott's, Sprott Money Weekly Wrap Up:
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