New Threads Only:  Add to Google Reader or Homepage
New Threads & Replies:  Add to Google Reader or Homepage
Forums are for serious investors only. GuruFocus Forum Rules.

Forum List » Guru News and Commentaries
Guru News, Stock picks and commentaries
New Topic Search
Goto Thread: PreviousNext
Goto: Forum ListMessage ListNew TopicSearchLog In
Eric Sprott Talks About the Biggest Ponzi Scheme
Posted by: matsandalex (IP Logged)
Date: January 8, 2013 11:28AM

Eric Sprott of Sprott Resources was interviewed by Eric King where he talked about the current monetary debasement in the U.S:
Quote:
"The move up to $1,750 was accompanied by some rally in the gold stocks. The first move the stocks went up something like 35%. Then we get this pummeling going on that is totally orchestrated, and people lose their nerve on these things.

But with all of the data that is available to them, with some simple analysis of where we are, I mean we are in the biggest Ponzi scheme of all-time. We are just printing money and people have to realize it’s not a winning proposition.

We have been doing this since 2008. We get program after program. We’ve been doing it since 2000 in Japan. All to no effect. All we end up with is a stretched out balance sheet. Sooner or later we are going to pay the piper for it, and when we pay the piper, you better be in gold and silver, other precious metals and real things.”

One of Sprott's primary reasons for owning gold is the fact that it is still under-owned by the vast majority of retail investors. For example, it is estimated that only 1% of all financial assets are in physical gold. In the West, there has not been a rush into physical gold. However, in countries like India and China more savers have opted for gold.

Sprott also notes that the "smart money" has now migrated into gold. Specifically, he mentions Ray Dalio, Bill Gross and Kyle Bass.



Guru Discussed: Kyle Bass: Current Portfolio, Stock Picks
Stocks Discussed: GLD,
Rate this post:

Rating: 5.0/5 (2 votes)





Sorry, only registered users may post in this forum.

Please Login if you have an account or Create a Free Account if you don't
Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names | Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)
Free 7-day Trial
FEEDBACK
Email Hide