Sprott – This Is Why There Is Such A Massive Shortage Of Gold
May 31, 2013
Today billionaire Eric Sprott spoke with King World News about the sunning events which have transpired in the gold market over the last six weeks and he provided KWN exclusively with an absolutely extraordinary chart. Sprott also spoke about exactly why there is such a massive shortage of available physical gold around the world. This is the first in a series of three written interviews with Sprott that will be released today. Below is what Sprott, who is Chairman of Sprott Asset Management, had to say in part I of this remarkable series of interviews.
Eric King: “Eric, I wanted to get your thoughts on what happened to gold in the last six weeks?”
Sprott: “It has been my view, and as many of your commentators and interviewees have mentioned, previous to the April 12th to 15th smash, it seemed that there was a clog-up in the delivery of gold throughout the system.
As (Egon) von Greyerz mentioned, whether it’s guys trying to get gold out of their Swiss banks, LBMA deliveries being extended, or people who can’t convert their COMEX contracts into physical gold, there were all sorts of things that suggests there was a tightness in gold. Including, of course, the COMEX inventories, the deliverable dealer inventories falling from 11 million ounces to 8 million ounces….