SILVER 0.30% $15.25 silver futures

eric sprott: expect $50 silver

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    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 werent 15 million ounces sitting around somewhere.

    Sprott continues:

    I havent 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 its a hand to mouth situation in silver.

    I think if we went in to by 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.

    When asked about price targets for both gold and silver Eric responded, Our best technical advisor, he thinks (gold) its going to $2,150, and he thinks it is going to $2,150 this spring.

    I think silver is a little easier to predict because I think its going to change relative to gold which is a more predictable event and more timely. Ive always thought that silver should touch $50, and Im not going to be surprised if it touches it by the middle of this year as people realize there is an absolute shortage.

    Eric Sprott discussed the gold and silver markets in great detail as well as other critical monetary events. The complete in-depth King World News interview with Sprott will be available later today.$50_Sil
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