Key Trades In The Gold & Silver Markets & What It All Means
May 10, 2013
Today one of the wealthiest people in the financial world spoke with King World News about the tremendous volatility in the gold market. Rick Rule, who is business partners with billionaire Eric Sprott and the CEO of Sprott USA, also lets KWN readers know exactly what is taking place with key transactions in the gold and silver markets, and what it all means for investors going forward.
Eric King: “Gold took a hit in Globex trading late yesterday, Rick, and the mining shares turned negative. What do you say to people as gold, and particularly the shares, continue to struggle?”
Rule: “You know, Eric, somebody who’s in the resource business for a day or a week, take any resource, but in particular gold, is in the wrong sector. A day doesn’t make any difference at all.
You will recall a couple of weeks ago in one of the KWN interviews I pointed out that when people ask me when gold is going to move I say, ‘June or July of 2000. Gold has moved from $252 to just shy of $1,500 an ounce. A five-fold move.’
A five-fold move in 12 or 13 years and we’re supposed to be apologizing for that. If you had the ability to predict a five-fold move in the next 12 years, how would that make you feel? It would make me feel pretty good. The point of gold is to preserve one’s purchasing power….