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Eric King:  “When you talk about the gold market and the fact that there is more demand than there is supply, and that (difference in supply) is coming out of Western central bank vaults, but as they run out of (Warren) Buffett’s silver, Eric, and we’ve run out of the US stockpile (of silver), there is no stockpile (of silver) anywhere.”


Sprott:  “Well, the funny part about gold and silver:  If you put all of the gold in the world that is above ground and compare it to the known silver above ground, the ratio is 150 times more gold than silver....


Continue reading the Eric Sprott interview below...




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“So if people keep buying silver at a 1/1 ratio with gold, which the US Mint data shows, obviously there is a time when the silver shortage will present itself.  You just can’t invest that much money in that product (silver).  It’s a very small product when it comes to known inventory. 


Yet the demand has been substantial.  I think the data on silver (demand) is it’s up something like 50% to 100%.  It’s been up substantially this year.  And I think there is an element of the population, probably most of them tune in to your network, that realize there are problems out there.  They are quite prepared to own silver and they do so in increasing amounts. 


So we will win the day.  When that day comes I don’t know, but your friend Mr. Sinclair has suggested it could be explosive, and I tend to agree with that, that someday the jig will be up and all of the sudden the silver and gold prices will really start to motor higher.”


Eric King:  “Sinclair’s call for gold to take out $1,600 and never see that number ever again, he’s made some calls that are going to go into the history books certainly, but if that one turns out to be true I suggested that would go down as one of his greatest calls ever.”    


Sprott:  “I have to admire Jim Sinclair because I started looking at his site back in 2000.  You would go to his site, gold was $300 and he kept showing these angels with a magnet and showed on the magnet that the price of gold was going to $1,650.


It seemed so incredulous at the time.  Yet there we were ten years later and we took out $1,650.  So I have a wonderful respect for James Sinclair.  I had the honor of attending his GATA presentation in London.  Of course at that time he suggested gold could go to $3,500.


We’ve had some tough sledding along the way, but I certainly think that all of his logic suggests that (move to a much higher gold price).  I think I actually heard him suggest it might go to $11,000.  The reason for it is a simple numbers thing.  You look at the (amount of) dollars and other currencies out there and compare it to what needs to back the currencies.


And I think people are going to less and less believe in trusting the government to look after you because they are not going to look after you.  We see evidence of that every day.  So it (the world’s reserve currency) has to be backed by something real, and when it is the price of gold and silver will be revalued accordingly.”


This is the second in a series of interviews with Sprott that has been released which reveals the increasingly desperate situation that Western central planners face going forward.  The written portion above is just a small part of this extraordinary interview with Sprott. 


Sprott discusses the recent action in gold and silver, the fragile nature of the current financial system, and the frightening reality of what the West faces going forward.  In addition to the written interviews, the KWN Eric Sprott audio interview is available now and you can listen to it by CLICKING HERE.


IMPORTANT - Jim Sinclair is holding a meeting in New York this coming Wednesday, March 20th at 2 PM EST.  For details and to sign up to attend this event CLICK HERE.


The interviews with Eric Sprott, Dr. Paul Craig Roberts, Egon von Greyerz, Rob Arnott, James Turk, Jim Sinclair, John Embry, Gerald Celente, Rick Rule, Ben Davies and Andrew Maguire are available now.  Also, be sure to listen to the other recent KWN interviews which included Marc Faber, Felix Zulauf and Art Cashin by CLICKING HERE.


© 2013 by King World News®. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.  However, linking directly to the blog page is permitted and encouraged.


Eric King

KingWorldNews.com

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