Mineweb - Eric Sprott says there's a gold shortage coming. Y'know, I have no respect for people who spend years being wrong just so they can eventually be proven right.
Especially when, in the process, they blow up all their clients' portfolios, destroy their company, and eventually get demoted to "cheerleader".
This screed reads like something written by a run-of-the-mill conspiracy theorist: he doesn't even put forward an argument. Not a one. He simply strings together a random bunch of assertions, based entirely on made-up bullshit that he's read on blogs written by uneducated fools who've never even been out of their basements.
If you listen to Eric Sprott, you deserve what you get. Even Sprott Inc. doesn't listen to him anymore, so why should you?
I mean seriously: even Russian stooge and propagandist Max Keiser mocks Sprott nowadays.
But let's give him an unfair hearing:
I have been speculating since late 2012 that Western central banks could be running out of gold. I put the sell-off in gold and silver in 2013 to the fact that the Western banks needed a way to generate physical gold supplies. As the metals prices went down, there was a lot of liquidation of gold which increased the supply by an estimated 900 tonnes last year.
So Eric, if I follow you correctly, if the central banks were selling their tens of thousands of tons of gold above $1500, why on earth were you telling your flock to buy? I mean, if you saw this since late 2012, why didn't you tell your flock to take profits and stay on the sidelines?
Quite frankly, I believe this was all orchestrated in order to create this supply. During the time when the price was knocked down, a tsunami of buying started. India bought 336 tonnes from April to June of 2013. I’m sure that the central bankers went to the Reserve Bank of India and said: “You’ve got to stop people from buying gold.”
Oh fuck me. Sprott's got early-onset dementia. Either that or cocaine psychosis. There is no other answer.
Seriously, Eric? You've gone beyond outright lying to asserting a worldwide conspiracy? Well let me help: recent research by David Icke, Zecharia Sitchin, Jack Chick and Bob Larson has uncovered some startling facts which, combined with your own painstaking research, might blow this conspiracy right out of the water!
Blogger Koos Jansen, from In Gold We Trust, says that Chinese demand alone last year was 2,000 tonnes.
Who the fuck is Koos Jansen?!?
Ooh, a blogger, Eric? He's a blogger? Wow! What a great data source! No wonder your investments have done so well over the past three years! You're definitely earning that paycheck, aren't you? Shit, it takes a fucking genius like Eric Sprott to get all his news from bloggers! No wonder you're so far ahead of the herd!
Seriously? You've been demoted to hanging out with bloggers? You no longer get any data from the USGS, or the WGC? You can only get your info from bloggers now?
It gets worse.
The whole reason for Western central banks, particularly the U.S. to supply gold to Asia is to suppress the price of physical gold. Most people realize that low interest rates and printing money will eventually be very bad for the U.S. dollar.
Yes, Eric! Let's instead jack up interest rates to cave in the US economy, and while we're at it let's also collapse M2! That'll be great for the price of gold when the ensuing decade-long depression eliminates all that pesky international trade, thus impoverishing India and China!
Here's a pointer: when you see some clown advocating for the gold standard, you can just ignore him from now on.
I read a disjointed, incomprehensible spew like this and all I can think of is this: when is Eric Sprott going to go the extra yard and proclaim himself a born-again Christian? Eric, Jesus is calling you! When are you going to step forward and be saved in the light of Jesus Christ, Eric?
Ultimately, we will find out the extent of manipulation in the gold market when someone finally fails – most probably the U.S. running out of gold to supply the market. And I don’t think we are far off here.
Ha! Yes! The US must have already sold almost all of its 8000 tons of gold! Oh ho ho! That wouldn't have taken long at all! Certainly could have gotten rid of all of it in 2 years! Ha ha! You bet! Ha ha ha!
Hey, Eric, here's a question for you:
If gold is really going to da moon, why are you selling your gold for only 5% above spot at Sprottmoney.com? I mean, shouldn't you be stacking it up?