Eric Sprott manages $10 billion, and he’s worried about the global financial system.
He says, “There is this huge chaos going on in the financial business which I think we all sense. They are using desperate measures here to hold it together. . . . at some point it blows.There’s no doubt about it.”
Sprott says the price of gold and silver are being suppressed because, “It’s the canary in the coal mine.
”Rising prices in precious metals,” according to Sprott, would tell people, “Central bank policies are ridiculous and irresponsible, and people would realize that with the price of gold and silver going up.”
When it comes to silver, Sprott says, “People keep buying at a rate to 50 to 1 to gold.” As far as gold is concerned, Sprott contends, “Physical demand for gold is out of line with supply. How can all these new people come into this market when there has been no increase in supply . . . for the last 12 years?”
Sprott’s analysis shows central banks are selling to make up for the shortfall and opines, “I would hate to think what happens when we all find out there is no gold in the Treasury.”
by Greg Hunter – February 18, 2013