Billionaire Eric Sprott told King World News that the price of silver will soar into “the hundreds of dollars.” Sprott also warned KWN that the central planners’ recent actions will lead to disaster for the global economy.
Eric King: “Eric, what has you worried going forward?”
Sprott: “These policies of supporting the financial system or the banking system are not going to work. QE1 didn’t work, QE2 didn’t work, now we’ve got QE3 and Japanese money printing. Central banks are (also) now buying stocks.
How much lunacy do we have to have? Just think through it a little. It has to stop some day. We just can’t keep accelerating this without one of two things happening: You are going to get a financial collapse, or you are going to get hyperinflation….
If you get hyperinflation you are going to have a financial collapse anyway because interest rates have to go up and it’s all over for governments because their cost of interest skyrockets and they are all broke anyway. So it will not end well, one way or another.”
Eric King: “Eric, where do you see silver headed? Give me a number.”
Sprott: “If gold goes to a new high this year, I think silver is going to a new high, which means above $50. Where is it ultimately going to go? I think it will be in the hundreds of dollars. If gold goes to $3,000, silver is (already) going to be (trading) $150 to $250.
That’s a big, big gain from here. You are not going to get those kinds of gains in other instruments. You are not going to get that owning bonds or (general) stocks. The metals are the place to be. It’s so unfortunate that we’ve had this ridiculous selldown here in the face of all things that are great for gold. But there are reasons that people, the central planners, may have wanted to have it down.
If it was the central planners that knocked it down, man did they lose that game because it just ignited the interest in (physical) gold and silver. I just think we are going to be many times higher than we are today. It’s going to be a long-run, we are going to have this bull market go on for another 5 to 7 years.
I just don’t know how high the price is going to be (for silver). There is total insanity going on amongst the central planners right now. You tell me how desperate central banks are going to be and I can tell you how high the price is going to go.”
Source : KWN