New York, Oct 15, 2012 AEST (ABN Newswire) - Sprott Asset Management CEO Eric Sprott spoke about the economy, banks, Gold, Silver and the redistribution of wealth.
A recent article written by Eric Sprott titled "Do the central banks have any Gold left" (available on www.sprott.com) formed part of the presentation, outlining the enormous acquisition of Gold by China, last year buying 10 per cent of the World's Gold supply, eclipsing the previous years buying by 5 times. He drew attention to the point that the supply of Gold has not gone up in the last 13 years, and the demand for, and aquisition of Gold, is increasing.
Where is the Gold coming from? Is it that the Central Banks are selling their Gold, with statistics on production and gold buying indicating a shortfall that cannot be explained.
Mr Sprott added that the Banks buying Gold are not Western Banks.
On Silver Mr Sprott urged all attending to visit the US Mint website and examine the figures for Gold and Silver sales, highlighting that the stated ratio of Silver to Gold purchase in dollar value was the same, meaning that people were buying 50 times more Silver than Gold.
On the distribution of wealth Mr Sprott suggested that Investors not trust currencies or Government data, but use common sense and look at Gold and Silver, with Mr Sprott indicating his preference for Silver!
Eric Sprott has more than 40 years of experience in the investment industry. After earning his designation as a chartered accountant, Eric entered the investment industry as a research analyst at Merrill Lynch. In 1981, he founded Sprott Securities (now called Cormark Securities Inc.), which today is one of Canada's largest independently owned securities firms. In 2001, Eric established Sprott Asset Management Inc.
Mr Sprott's investment expertise is well represented in his track record in managing the Sprott Hedge Fund L.P., Sprott Hedge Fund L.P. II, Sprott Bull/Bear RSP Fund, Sprott Offshore Funds, Sprott Canadian Equity Fund, Sprott Silver Equities Class and Sprott Managed Accounts.