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Sprott Favors Gold Stocks
Posted by: matsandalex (IP Logged)
Date: November 10, 2011 08:16AM
Eric Sprott is perhaps the most widely known silver bull on the planet. Sprott (SII.TO) released earnings this morning that showed sluggish performance at the flagship hedge fund and renewed bullishness on gold mining stocks.
Sprott is "confident in its physical metals position and believes the current market environment presents unique opportunities to invest in precious metals-related equities, many of which are trading at historically wide spreads to bullion prices," Sprott chief executive officer Peter Grosskopf said as the firm released third-quarter results.
The Sprott Hedge fund is down about 12.6% on the year. His favorite precious metals stocks are Barrick Gold (ABX), Osisko Mining (OSK.TO), Kirkland Lake (KGI.TO) and Silver Wheaton (SLW).
In the video below, Sprott outlines that the main reasons for owning precious metals is fragility in the banking system.
Stocks Discussed: GLD, SLVR, SII.TO, ABX, KGI.TO, SLW,