Eric Sprott: Gold Is Going to $5,000 and then $10,000 per ounce
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Eric discusses the recent gains in gold and silver. In 2016 stocks went up 160% in six months, we could be looking for something similar in the gold sector. It’s a tiny part of the overall market that could explode quickly.
The dollar index had support at the 93 level, but it seems to have broken to the downside. If you look logically at the U.S. financial situation, you will realize that they are bankrupt. There will be a shocking wake-up call at some point when people realize things are unsustainable and pensions can’t be paid out.
There is a lot of chaos happening in politics in Washington, and it doesn’t seem like much will be accomplished. Foreign countries are going to continue selling U.S. dollar treasuries. It’s not ridiculous to think that gold can’t go many multiples higher. The way the system has evolved is a good reason to hold gold for the next decade.
Eric discusses the ICO frenzy in cryptocurrencies and why he feels that there are too many different versions of cryptos. He prefers gold and silver but thinks cryptocurrencies may have a place especially if they find a way to tie themselves to gold and silver.
He expects the market to move similar to 2001 he expects it to be volatile. He says “I am a huge believer that metals are manipulated by central authorities when they lose control we could be looking at a sustained gigantic bull market in precious metals.”
Mr. Sprott discusses Novo Resources (TSX.V: NVO) and why he is excited about the potential. He finds the geology of the site to be quite fascinating.