Billionaire Sprott – Metals Smashed As West Hemorrhages Gold
September 12, 2013
On the heels of another plunge in gold and silver, today billionaire Eric Sprott warned King World News that the smash in gold and silver is being accomplished through unprecedented levels of dwindling Western central bank gold being supplied into the market. He also spoke about the massive gold and silver demand. Below is what Sprott, Chairman of Sprott Asset Management, had to say in part I of this remarkably powerful interview series.
Eric King: “Eric, I have to start of talking to you about this smash in gold and silver that we’ve seen here very recently. It’s continuing this morning, your thoughts here?”
Sprott: “As you know, Eric, I take a big macro view of gold here, and what I sense all along is that the Western central banks must really be running on fumes when it comes to (physical) gold. I must say that I am never disappointed by the data points that I see in physical gold.
For example, I just saw the Perth Mint, their gold sales were up 50% and the silver sales are up 70%. The Bank of England, the Royal Canadian Mint, all of the sales are up and getting into seriously high numbers. All the while, this is all predicated on the gold and silver supplies hardly going up at all.
In fact, I think the gold supply will be down this year from maybe even back to (the year) 2000….