James Turk Interview With Eric Sprott On, You Guessed It, Gold

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Tue, 11/08/2011 - 22:25 | 1859280 ??
??'s picture

Is Eric Ted Anderson?

http://www.midasresources.com/store/store.php

 

perhaps a bit more sophisticated and certainly on the right side of the trade but other than that not a whole lot of difference

and my point is? Eric, like Ted is a genius selling PMs at a healthy premium to their spot price,  exploiting every opportunity to talk his book

Tue, 11/08/2011 - 22:36 | 1859365 Hopium Dealer
Hopium Dealer's picture

Ted "Shylock" Anderson

Tue, 11/08/2011 - 23:01 | 1859426 markmotive
markmotive's picture

When it's the USA's time to turn Italian the fiscal case for hyperinflation, and in turn gold, becomes a reality.

http://seekingalpha.com/article/293312-hyperinflation-and-the-fiscal-cas...

Wed, 11/09/2011 - 00:37 | 1859615 Snidley Whipsnae
Snidley Whipsnae's picture

IMF SDRs = just another piece of paper

The IMF is rapidly morphing into a bank that creates credit from thin air... far from it's original charter and objectives.

The goal, imo, is for the IMF to issue SDRs for all the bad debt held by all central banks, soverigns, and money center banks around the world. At least, in those parts of the world that will play ball with the Fed, which is the driver for the IMF.

Will this scheme work? Who knows, I have seen dumber ideas work far longer than I thought possible.

Wed, 11/09/2011 - 01:41 | 1859719 Hugh G Rection
Hugh G Rection's picture

Bernanke references zerohedge...

http://www.youtube.com/watch?v=vdCFnZ99YvA

Wed, 11/09/2011 - 03:49 | 1859839 dlmaniac
dlmaniac's picture

Da hell is going on @ Turd's website btw? Is Blythe hacking it?

Wed, 11/09/2011 - 00:15 | 1859570 bernorange
bernorange's picture

Eric has always been bullish on precious metals but for the short time that I've been paying attention, and this video is an excellent example if you actually listened to the half hour interview like I just did, he sees the big picture view very clearly.  I totally grok where he is coming from and what he is saying.  YMMV.

www.pmbug.com

Wed, 11/09/2011 - 03:21 | 1859795 Max Fischer
Max Fischer's picture

 

 

I, too, am very suspicious of Eric Sprott.  While I agree with his general premise that gold and silver should be part of everyone's portfolio, it's difficult for me to ignore that Sprott is just another opportunistic billionaire shark who exaggerates, misleads and seems to specifically target the gullible and naive retail market.  In many ways, Sprott is more manipulative and more sinister than other hedge fund managers because he's always in front of the retail investor pushing his book. Rarely do you see hedge fund managers doing countless YouTube videos or posting blog articles that are deliberately created for the retail public.  But Sprott - very deliberately - spends a lot of time luring the retail investor into his book. The timing of Sprott's articles and media appearances this year has been extremely suspicious.  

Sprott began the year with some nonsense about physical silver shortages.  It was pure garbage, a blatant lie meant to create the impression that the physical markets were in dangerously short supply.  So short, in fact, that a panic was imminent.  Bullshit.  As Kid Dynamite clearly pointed out, Sprott purposefully structured his options such that his silver would NOT be delivered all at once.  Those options delivered monthly, as contracted.  But Sprott doesn't tell you that. Instead, he misleads the public into believing the reason PSLV doesn't have its intended inventory is because of supposed shortages in the market. That was pure propaganda meant to hype this new ETF which went public a few weeks earlier.  Think about it... how else can Sprott pull investors away from SLV, other than to create paranoia about the physical markets?  It was very transparent. 

Next, just as the silver market was going nuts, Sprott went on a media blitz in April.  On April 5th, he rang the closing bell at the NYSE and spent half the day on CNBC, Bloomberg and Fox Business peddling his funds.  Then, on April 15th, he did it again! - rang the closing bell at the NYSE and did interviews all afternoon. How many hedge fund managers ring the NYSE bell twice in ten days?  None.  Five days later (April 20th), we get the cherry on the top:  ZeroHedge posts an a very bullish, pro-silver article written by Sprott, himself.  If you're a fund manager and you want to target investors who have a penchant for precious metals, ZeroHedge is probably the best place to go.  

http://www.zerohedge.com/article/eric-sprott-expect-gold-silver-ratio-hi...

Well, can you guess what happened the next day, April 21st?

http://www.sec.gov/Archives/edgar/data/1277006/000091957411002836/d11902...

Yep, you guessed it.  After three weeks of an intense media blitz and with the NAV premium fully juiced to 20%+, Sprott began dumping over 1.6M shares of PSLV the very next day.  And we all know what happened 10 days after that....kaboom!  PSLV bagholders everywhere bleeding from their eyeballs. 

Sprott is nothing more than a wolf in sheep's clothing who happens to have the trade du jour.  Beware!  Because this particular wolf likes to snack on the retail market.  

Max Fischer, Civis Mundi 

 

 

 

 

 

Wed, 11/09/2011 - 03:37 | 1859827 akak
akak's picture

Sprott is just another opportunistic billionaire shark who exaggerates, misleads and seems to specifically target the gullible and naive retail market.

Jon Nadler, is that you?

Wed, 11/09/2011 - 11:55 | 1860953 SRV - ES339
SRV - ES339's picture

You clearly know nothing about the man, or his business, and I wouldn't waste my time...

Tue, 11/08/2011 - 22:19 | 1859288 Yen Cross
Yen Cross's picture

 Tit for Tat here we come. Where is that other XAU bug. Peter Schiff?

Tue, 11/08/2011 - 22:20 | 1859293 zorba THE GREEK
zorba THE GREEK's picture

As much as I believe in PMs going higher, I still can't get over this feeling I have that Eric Sprott

is out to make Eric Sprott very rich. He was touting silver at $50 when he was shorting it and made 

a lot of money. I believe one should take what he says with the perverbial grain of salt.

Tue, 11/08/2011 - 22:26 | 1859316 JustObserving
JustObserving's picture

To be fair, he sold PSLV and bought silver and silver miners.

"So why the sales? “Every dollar of money that was raised by selling shares of [the Trust]... was reinvested in silver or silver equities,” he said."

Tue, 11/08/2011 - 22:29 | 1859328 fonzanoon
fonzanoon's picture

did he short silver at $50 or did he sell silver at $50?

Tue, 11/08/2011 - 22:31 | 1859339 JustObserving
JustObserving's picture

"Earlier we reported that Sprott had sold $35 million worth of PSLV, which caused many to panic that the precious metals guru had indicated the market top in the market."  That is from Zero Hedge - the horse's mouth.

Tue, 11/08/2011 - 22:37 | 1859370 fonzanoon
fonzanoon's picture

If he sold silver at $50 he is just smarter than I am. If he shorted it he can eat a dick. I am a big fan of Schiff. I don't know whether he would get fancy and sell at a high price and buy back but he would not short it.

Wed, 11/09/2011 - 05:15 | 1859896 Hobbleknee
Hobbleknee's picture

I would swing trade PMs too, but I fear that one day when I sell, it would take off for the moon and never come back.  So I just hang on to them for security.

Wed, 11/09/2011 - 06:37 | 1859953 jeff montanye
jeff montanye's picture

don't lose your position in a bull market

Wed, 11/09/2011 - 08:27 | 1860121 ParkAveFlasher
ParkAveFlasher's picture

Thanks, here I was feeling cowardly for sticking on the sidelines.  The news has no effect on the market, only the big players do.  I'm waiting for that "dire need to sell" moment, just haven't been compulsed enough to play the game.  Although if this latest swell in gold sticks to $2500, I expect a knock down.

Tue, 11/08/2011 - 22:35 | 1859361 SHEEPFUKKER
SHEEPFUKKER's picture

Good question. Big difference.

Wed, 11/09/2011 - 01:08 | 1859669 SilverIsKing
SilverIsKing's picture

If he thought silver was hitting a short term top and sold or shorted at that point, I dont see it as a big deal

On the other hand, if he thought silver was hitting a short term top and sold or shorted at that point while telling others to buy, he's a douchebag.

Tue, 11/08/2011 - 22:52 | 1859396 GoinFawr
GoinFawr's picture

Interesting Zorba, I get a similair impression: as much as I believe in PMs going higher, I still can't get over this feeling I have that <insert name here> is out to make <insert name here> very rich

Eric Sprott was shorting silver at $50 while he was 'touting' it? Really? Can I have a witness please? Or was he just saying that by rights it ought to go higher, and sold some to buy miners?

 "I believe one should take what he says with the perverbial (sic) grain of salt"  Your choice, of course. Me, I'll take his word for what it's been worth over the last decade, thanks. Unless there was some error in judgement or fact contained in this video that I missed? Enlighten me, if you see through him so clearly. Try to stick to actual facts this time,  please.

Kidd Dynamite, that's your cue, no?

Tue, 11/08/2011 - 22:54 | 1859406 Yen Cross
Yen Cross's picture

   NiCe -  POsT .-.---.----.----....         ! That was a good post. Thanks.

Wed, 11/09/2011 - 00:19 | 1859583 Al Gorerhythm
Al Gorerhythm's picture

I've been listening to the likes of Eric Sprott, GATA, Hommel, Schiff, Mises, Rothbard, Edward G Griffin, etc for many years. Their theorising and prgnostications which have made me solvent and independent. Years ago I rejected the notion of fiat currencies and their counter-party risks. It looks as though their game strategy is playing out to a tee. If you haven't seen or agreed with their stance and strategy it is too bad. You still have time to study it but at the pace that things are unfolding, you'd better do some speed reading and get that Kodak moment behind you.

 

Wed, 11/09/2011 - 01:28 | 1859696 Yen Cross
Yen Cross's picture

 I'm pleased you have prospered.  i suppose you got long in the late 80's- early 90's. 

 

  Enjoy your nest egg.  Did miss something?   1 ToZ  = 31 grams.

Wed, 11/09/2011 - 02:11 | 1859750 Al Gorerhythm
Al Gorerhythm's picture

Nope, I'm one of the slow learners. It took forced retirement to startle me into consciousness. At the start of my teaching career my "financial adviser" said that on retirement I would have about 350k in my retirement fund. He was near the mark on the total.

Sitting in front of him, I remember clearly the strategy that I would employ to finance my retirement. I told him that at those levels I would be able to buy 5 or 6 houses and rent them out to those who couldn't afford a home. That way I wouldn't be a burden on the national pension fund. He was impressed with my plan.

When I retired, the nominal amount was there but the price of homes had risen to an average of about 4-500k. I couldn't buy one home, unless it was a doer-upper. I was stunned by the fact that one of the homes that I and my wife considered back in the 80s, hadn't even had a coat of paint but was now in a prime area and was over 1 miilion asking price. 

I realised that if the house hadn't changed then the purchasing power of my past savings had. I was stunned and started my investigation about my situation, with a series of questions that I wrote out for myself. eg. What is money and where does it get its value.? If money was earning (magical) interest, why did it lose value? (That's not what we were taught in maths claaSS WITH THE POWER OF COMPOUNDING INTEREST .Oops!) Why didn't compound interest work for me? The figures were there. Where does money come from? What is money? How is my labor tied to money? Who ripped me off?

I still have that note and have answered those questions to the point that they have changed my politics, ostracised me from my friends, been ridiculed by family and raised questions about who in government knows. Is everyone in government on board or have they just happen to be voted through populist (or even well intentioned principles) into positions they think they have a grasp of?

When you reach the heights of joining the inner sanctum or circle of government, you are either well aware of the machinationds of the fiat system and its symbiotic ties to corporate enterprises, or you are the patsy for them. Treasurers know. Presidents and Prime Ministers know. Princeton economists know. Bankers know (the members of the board and CEOs at least). Your average bank manager and grunt economics teachers have no clue. I've put it to them and they usually have a stunned mullet look on their faces when they finally see my point.

My journey has been an awakening from the stupor as induced by the educational system. There will be a mass awakening. Some will get it the hard way. I got off easy. I'm out of it and am open to talking to folks about it. One thing that has taken me a while to re-learn is an axiom from my teaching days which is relevant to all learners (I'm a slow one). I think it is Confucian: "When the student is ready; the teacher will appear".

By that, I mean that I have given up beating the drum about this to family, friends and cornered victims of my born-again diatribes. Oops, am I at it again. No, just sounding off.

 

Wed, 11/09/2011 - 03:01 | 1859787 Gavrikon
Gavrikon's picture

Feel free to continue to opine.  I feel you.  In my case, only one of my sons has paid attention and put silver away.

Wed, 11/09/2011 - 03:49 | 1859838 Thomas.2012
Thomas.2012's picture

Thanks for sharing!

I am in my fourties so there are a few decades to go for a possible retirement payment.

Lucky me, I was pretty sure in my twenties that by the time I am old enough for retirement I will only get a handshake plus a dirty smile. And because I am born in Europe that was pretty strange because at this time everybody seemed to work only to retire early to get back what they have paid into the system.

20 years ago it was only a feeling without paying much attention at politics and how you said it so well "what is money".

But the feeling helped me to stay away from debt, let me buy some small properties, every few years a one or two year old car and all using cash.

The only thing I regret is the fact that I was watching the Lehmann thing, scratching my head, starting to read and learn.

But since I am a very slow learner I was only able to start in late 2009 to act accordingly. I sure missed some great opportunities, but better late than never ...

Thanks again and good luck to you.

Wed, 11/09/2011 - 04:23 | 1859864 Al Gorerhythm
Al Gorerhythm's picture


And because I am born in Europe that was pretty strange because at this time everybody seemed to work only to retire early to get back what they have paid into the system.

You never get back what you pay into the system. Maybe noninally but certainly not comparitively when based on lost purchasing power. The days of chasing yeild are over. Why do savings have to earn a yeild? Why is debt an asset? I get the momos reply that debt earns you an income stream but that income stream is at the expense of savers and down the line, producers. Producers can no longer afford to carry the debt of nations. It's all over now, Baby Blue.

Graham Bonnet

http://www.youtube.com/watch?v=YN25Pp0hrOM

Wed, 11/09/2011 - 09:12 | 1860275 XitSam
XitSam's picture

"When you reach the heights of joining the inner sanctum or circle of government, you are either well aware of the machinationds of the fiat system and its symbiotic ties to corporate enterprises, or you are the patsy for them."

Obama = patsy.

"I think it is Confucian: 'When the student is ready; the teacher will appear'."

I don't know where it comes from: "Some people never learn."

Wed, 11/09/2011 - 12:18 | 1861045 Diogenes
Diogenes's picture

I agree with you to a point but I doubt the powerful people are as in the know as you think.

Years ago I saw an interview with a man who was running for Prime Minister of Canada. The interviewer kept asking questions about economic policy and the politician kept dodging them. Finally the interviewer asked point blank what his economic policy was. The politician's answer was enlightening. He said that when he was in university he had a choice between taking French and Economics. As he knew he was going into politics, a knowledge of French was mandatory so he never studied Economics. Therefore it was pointless to ask him anything about economic policy. This man, Joe Clark, eventually became Prime Minister of Canada.

I have come to the conclusion that a knowledge of economics is incompatible with a belief in politics. To believe in political solutions, one must be able to believe that it is possible to enrich a people by taking away part of their money, spending some of it on yourself, and giving the rest back to the people you took it from. This is obviously absurd. Yet it is the foundation on which modern politics rests.

In general I belive politicians are sincere in the belief that their work has value. I also believe they are forced by circumstances into being extremely short sighted and venal. In spite of this they fondly believe they are doing good, somehow, even as they run the country into the ground.

Such fatuity can best be explained by ignorance, combined with wishful thinking and mendacity.

Or, as Jack London pointed out a hundred years ago, it is easy for a person to miss something when his job depends on not seeing it.

Wed, 11/09/2011 - 13:20 | 1861219 GoinFawr
GoinFawr's picture

"I agree with you to a point but I doubt the powerful people are as in the know as you think."

No, you're making sweeping generalisations. Eg. the current Prime Minister of Canuckistan is an Economist by education, yet he's deliberately running massive deficits as a setup to further undermine that country's sovereignty (NAFTA and now CETA in 2012). Look at this garbage:

"And we cannot be effective at major economic matters any longer unless we work with our economic partners around the world and work with them closely and intimately. That is essential. I know some people don't like it. It is a loss of National Sovereignty but it is a simple reality. It is a simple reality."- PM Stephen Harper

Translation: "...and don't we have half the fools on our side, and ain't that a big enough majority in any town?" -Samuel Clemens

Your point may have some validity until the politician gains power, but then they get brought up to speed right smartly.  Could have something to do with why Ol' Joe Clark's minority gov't didn't last: he "set down on a red hot stove, and got right up ag'in".

Follow the money. Always follow the money.

http://www.guardian.co.uk/news/datablog/2010/may/27/debt-deficit-oecd-countries-data

Try to ignore your ideological preconceptions and note the inverse relationship between corrupt, inscrutable power and fiscal responsibility.

Tue, 11/08/2011 - 22:55 | 1859410 Freebird
Freebird's picture

Perverted salt - new one on me

Tue, 11/08/2011 - 23:48 | 1859517 TN Jed
TN Jed's picture

Sodium and Gomorrah.  Great place to visit but I wouldn't want to live there.

Tue, 11/08/2011 - 23:59 | 1859534 akak
akak's picture

And here I always thought it was Saddam and Gonorrhea.

Wed, 11/09/2011 - 00:07 | 1859551 GoinFawr
GoinFawr's picture

Heh, both were pleasure before they arrived, and after were a pain in the dong. (h/t Monty Python)

Wed, 11/09/2011 - 00:13 | 1859566 Yen Cross
Yen Cross's picture

   Salt of the Earth. The Persians and Romans traded " salt" for " GOLD" .   History lesson.     

 

 

     TOZ vs TOZ hence the 31 Gram XAU weight!   1.4667

Wed, 11/09/2011 - 00:45 | 1859628 CrazyCooter
CrazyCooter's picture

Yeah, but you can't eat salt!

Regards,

Cooter

Wed, 11/09/2011 - 00:48 | 1859631 UP Forester
UP Forester's picture

Sure you can.  But only on iPads....

Wed, 11/09/2011 - 01:30 | 1859703 Yen Cross
Yen Cross's picture

 You are Crazy.  Short the spx on the 5th day.

Wed, 11/09/2011 - 00:54 | 1859641 Sokhmate
Sokhmate's picture

Henceforth, salted gold was born

Tue, 11/08/2011 - 23:05 | 1859440 delacroix
delacroix's picture

Eric Sprott is already very rich

Tue, 11/08/2011 - 23:26 | 1859483 Platinum_Investor
Platinum_Investor's picture

Eric Sprott sold at $50 = Smart.

Where did it ever say anywhere that he shorted Silver?

And yes he did say that he moved the proceeds into silver miners and now he was a buyer at $30 silver again of course.

 

Wed, 11/09/2011 - 00:06 | 1859552 passwordis
passwordis's picture

As much as I believe in PMs going higher, I still can't get over this feeling I have that Eric Sprott

is out to make Eric Sprott very rich.

 

 His net worth is over 150 million. He's already been very successful at making himself rich. Can't he be both rich and right?

If you distrust him than you distrust the fundamentals which have driven the market over the last 10 years. It's not like he is saying anything new.

Wed, 11/09/2011 - 04:34 | 1859874 Temporalist
Temporalist's picture

"Eric Sprott, a 40-year veteran in the investment industry, is believed to have a net worth of at least $1.3 billion, according to Bloomberg Business Week."

http://articles.businessinsider.com/2011-09-22/wall_street/30188402_1_fo...

 

And he's still right.  I find it hysterical that if people had listened to him at any point in the past 10 years except at the very peak here at $50 they would have made a great return, yet douchebags like to post how he's talking his book.  He plainly says he's 80% invested and doesn't recommend that to anyone...how many shitbag brokers will say something like that to you?  Where does he make money if people go out and buy physical from a coin dealer?

 

What a bunch of troll fuckwads every time Sprott makes a peep in the news they come out like the cockaroaches they are.

Tue, 11/08/2011 - 22:25 | 1859314 Motorhead
Motorhead's picture

Munich is such a kick-ass city.  Einfach Spitze!

Tue, 11/08/2011 - 22:26 | 1859318 navy62802
navy62802's picture

Frankfurt isn't too bad either.

Tue, 11/08/2011 - 22:40 | 1859380 tickhound
tickhound's picture

Oberammergau

Wed, 11/09/2011 - 03:03 | 1859790 Gavrikon
Gavrikon's picture

Frankfurt sux.  I know, I live here.  Munich is WAY better!

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