Eric Sprott turned his ability to call the gold and silver markets into personal wealth that once topped a billion dollars. His investment firm, Sprott Inc., has been hurt by gold’s recent plunge, but the company founder predicts gold will roar back and even hit new highs by the end of the year.
“I’ve always imagined that gold would hit a new high by the end of this year, over $1,900, so that is what I think,” Mr. Sprott said in an interview Tuesday, with gold bobbing below $1,400 (U.S.) an ounce.
Mr. Sprott believes the yellow metal is safer than paper money, which can be printed by governments. He backs that up with his own investments, saying a few months ago that he has about 80 per cent of his money in the precious metals sector.
by Pav Jordan, Tim Kildaze, Jacqueline Nelson,TheGlobeAndMail.com: