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Eric Sprott Discusses Silver’s Prospects And Last Week’s Raid With Max Keiser

Posted By admin On May 17, 2011 @ 3:01 am In Money Watch | Comments Disabled

Tyler Durden
Zero Hedge [1]
May 17, 2011

Eric Sprott, who according to some catalyzed the initial move lower in silver following his sale of PSLV units [2], to be followed by a bullish clarification that he transferred all proceeds [3]into other silver holdings, was on Max Keiser late last week in an interview that anyone interested in the silver market should listen to. Among the key summary highlights: “I will be a buyer of silver today. I will be a buyer of silver tomorrow. We have not lost any faith in what has happened to silver.” As for what happened with that instantaneous $6 dollar drop in silver on May 1 [4]: “In my mind it was just one of those raids that we experience from time to time. There was no particular reason for it. And then we end up with 5 margin rate increases. It just reeks of someone manipulating the price of silver down. I have no fear of silver here. Yes it will be parabolic, but it’s going to be way more parabolic than what we have today… I believe that gold today is the de facto reserve currency. It’s outperformed everything for 11 years. Silver has always been a currency, people are now treating it as a currency, and it’s a very, very small market. There is no way that with roughly $50 billion of silver inventory around that we can make it a currency, so I see the price going much higher.” And on the ridiculous recent trading volume in silver: “One of the things we should look at is the trading of silver in the paper markets, I mean the Comex and the SLV. Last week it averaged 1.2 billion ounces per day. There is only 700 million ounces mined in a year. There is only 33 million ounces of physical silver that is available for delivery by the commercial shorters. If something like 3% of the people that were trading silver in one day demanded physical delivery, there would be no silver on the Comex…. The key market is the physical market. I don’t think this raid is going to work.” Much more on Sprott’s views of the silver raid and the silver market in general in the full interview.

Stock up with Fresh Food that lasts with eFoodsDirect (AD) [5]

Eric Sprott Discusses Silvers Prospects And Last Weeks Raid With Max Keiser  260310banner2 [6]


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URLs in this post:

[1] Zero Hedge: http://www.zerohedge.com/article/eric-sprott-discusses-silvers-prospects-and-last-weeks-raid-max-keiser

[2] sale of PSLV units: http://www.zerohedge.com/article/sprott-sells-35-million-worth-pslv-across-different-funds-week-between-april-18-and-april-25

[3] transferred all proceeds : http://www.zerohedge.com/article/so-much-sprott-silver-scare-every-dollar-pslv-sales-was-reinvested-silver-equities

[4] $6 dollar drop in silver on May 1: http://www.zerohedge.com/article/silver-plunges-china-slowdown-concerns-dollar-short-covering

[5] Stock up with Fresh Food that lasts with eFoodsDirect (AD): http://www.efoodsdirect.com/

[6] Image: http://purewaterfreedom.com/

[7] Comex Physical Silver Drops To Fresh All Time Low Of 28.8 Million Ounces, 3% Drop Overnight, 30% Drop In Six Weeks: http://www.prisonplanet.com/comex-physical-silver-drops-to-fresh-all-time-low-of-28-8-million-ounces-3-drop-overnight-30-drop-in-six-weeks.html

[8] The Silver Bears Are Back For Round Three, Explaining Two Key Recent Developments In The World Of Silver: http://www.prisonplanet.com/the-silver-bears-are-back-for-round-three-explaining-two-key-recent-developments-in-the-world-of-silver.html

[9] And So It Continues: Another 92 Thousand Ounces In Physical Silver Withdrawn From Comex Despite Historic Paper Collapse: http://www.prisonplanet.com/and-so-it-continues-another-92-thousand-ounces-in-physical-silver-withdrawn-from-comex-despite-historic-paper-collapse.html

[10] Eric Sprott On Financial Farcism: http://www.prisonplanet.com/eric-sprott-on-financial-farcism.html

[11] Will Silver (And Gold) Prices Rise Now that the Feds Are Launching Criminal and Civil Investigations Into Manipulation of the Silver Market?: http://www.prisonplanet.com/will-silver-and-gold-prices-rise-now-that-the-feds-are-launching-criminal-and-civil-investigations-into-manipulation-of-the-silver-market.html

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