ERIC SPROTT: QE3 WON’T WORK, BUT WILL BE ‘HUGE TAIL WIND FOR PRECIOUS METALS TO GO HIGHER’
SEPTEMBER 26, 2012
Sprott Asset Management’s Eric Sprott was back on CNBC this morning discussing the search for returns in a ZIRP environment.
When asked by CNBC why Sprott wasn’t lightening his gold and silver positions after the big gains his fund has realized over the past decade, Sprott replied:
Gold is up 600% since I got in around 2000, and in a way, I call it the great wealth redistribution because those who have invested in gold and silver have prospered quite nicely. To your question whether or not i want to stay with the trade. the reason I would stay with the trade and you mentioned qe-3. I never would’ve imagined when I got involved in gold I would have the benefit of kind of irresponsible money printing, bank runs that are ongoing as we witnessed in the various countries in europe, and those two ingredients along with the QE3 which has been announced I think will be a huge tail wind for gold and other precious metals to go higher.