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Eric Sprott -- Expect $50 Silver, Gold Possibly $2,150 by Spring

Eric Sprott - Expect $50 Silver, Gold Possibly $2,150 by Spring

[snip]

With gold and silver rallying off the lows today, King World News interviewed Eric Sprott, Chairman of Sprott Asset Management which has $8 billion under management.  When asked about the Sprott physical silver trust acquiring silver Eric stated, "We had to go into the market and buy about 15 million net ounces from third parties and it took us about ten weeks.  It was a very, very long process and the one thing we can read out of it is obviously there weren’t 15 million ounces sitting around somewhere."

Sprott continues:

"I haven’t had time to study where the bars came from, but I can tell you by looking at the pictures of the bars they look like they came right out of the refineries.  So I suspect it’s a hand to mouth situation in silver.

I think if we went in to buy twenty million ounces of silver it would take a long time.  I know we had an order to buy a million ounces about five weeks ago for a different account and the delivery was going to be two months.  So I think silver is as tight as a drum..."

LINK:
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/1/28_Eric_Sprott_-_Expect_$50_Silver,_Gold_Possibly_$2,150_by_Spring.html

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