Billionaire Eric Sprott Asking Silver Producers to Save in Silver
In what could be a critical turning point for the silver market, billionaire Eric Sprott, Chairman of Sprott Asset Management, informed King World News that he is writing a letter to silver producers requesting that they store their money in silver, rather than in cash at banks. Sprott brought up the letter when asked where he sees gold and silver headed, “It’s hard to define it, who knows? I mean if you had a printing scenario you have no idea where the price of gold goes because you have no idea how much they are going to print. If you had a total bust and people feared the banking system and started buying gold, I have no idea what they would take the price of gold to because, of course, by that time all of the currencies would almost be worthless as well.”

Eric Sprott continues:

“All you know is that there’s only a couple of things that you have to have your money in to be safe. For example, I’m writing a letter basically suggesting to the silver producers, you know you guys have all of this money in banks, why do you have it in banks?

Put it into silver, it’s a way better asset than having a bank deposit that pays zero interest rate and you take all of the risk of the bank on. You know if enough people accept that thinking, I mean, at the margin, you bring all of those buyers in (to silver), who knows where the price is going to go? But it won’t bear any relationship to where it is today.”