Long-time gold bull Eric Sprott reiterated his positive outlook for precious metals in an interview with Shelly Won of the Globe and Mail. The founder of Sprott Inc. stated that “When I bought gold, I was buying gold to hold as a long-term investment. As it turned out, it quintupled. I didn’t think it would go that far because no none would have imagined that the central banks and governments would get themselves in a position where they are printing money.”
Sprott went on to say that “I am pretty convinced that gold will go a lot higher…It could go to $2,000 an ounce. I could imagine it at $5,000. I am not giving a time frame on that, but I could certainly see that happening.”
However, he noted that “the real story now is silver…Gold has traded at a ratio of 16-to-1 to silver in terms of price, but today it trades in the range of 50-to-1. I think the gold-to-silver ratio is going to go back to 16-to-1 given the passage of time, say three to five years. And I bet you that silver overshoots.”
My comments are really for Mr. Sprott-again.
Predictions of Gold prices up to USD5,000 an oz now is what Mr. Sprott is spruiking! – with NO time frame? Really! Not in our lifetime Mr. Sprott! But having said that, I only wish it could be true, then I would live to a very, very old age!
Are your comments an “over-reaction” to my say several days ago Mr. Sprott? I suspect they are! So what are you really worried about?
I predict that the population of China will reach 2 billion-no time frame though! But having said that, my comments have more credence and most likely will be much more predictable and accurate than ‘future” Gold prices predictions by you Mr. Sprott! Which I hasten to add have NOT been supported by any reasonable statistical argument? I mean, how long is a piece of string?
But I do have a serious suggestion and advice for you. Stop this nonsense and stop talking up the future price of gold to suit your own agenda! Will you compensate those investors who follow you and your irresponsible Gold price predictions? I think not-NO time frame you see!! But investing NOW in Gold, is implied, isn’t it?
In addition, of course the Euro Gold price is NOT surprisingly at an all time high? Why? Well one major reason is that the Euro has slid some 30%+ in value from it peak. It ‘current” status is a “falsehood” and personal investors should not consider investing in gold in isolation, (this fundamental rule applies with all investments), that is, based on the Euro Gold price gains.
Thomas Smith
in Shanghai