GOLD 0.51% $1,391.7 gold futures

sprott: gold will be the new currency.

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    Sprott says investors have been too eager to see the data as signs of recovery. While the S&P 500 added 0.6 percent on the day of the employment report, a 23rd consecutive month of payroll contraction was no reason for optimism, he said.

    We dont have employment gains, he said. We have less of a decline. Thats a sign of weakness. The data is weak.

    Sprott said gold is the only asset about which he remains positive in the short term. His C$1.42 billion Sprott Canadian Equity Fund -- which is up 22 percent in five months -- has 34 percent of its portfolio in mining stocks and another 39 percent in bullion as of Nov. 30.

    He said though he has no target price for the metal he doesnt think it has reached a ceiling after quadrupling over the past eight years.

    If you get into this thing where youve got to keep printing more and more and more, who knows about the price of gold? he said. It will be the new currency in due course.

    The full Bloomberg report, "Sprott Says S&P 500 to Tumble Below its March Low" is at
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