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Get Your Money ‘Out of Banks and into Something Tangible’

In a recent call with Eric Sprott, founder of Sprott Inc., he said he was still buying physical gold -and planned to keep buying it for as long as he could. The gold shortage that he talked about in our May interview is still there, and economically, things aren’t getting better. “When people finally decide they want to buy gold, there probably won’t be any gold,” he explained.

Nice to catch up with you again Eric. Where are you putting your own money now?
Well, I’ve recently bought some gold and silver funds up here in Canada.
I probably have 70 or 80 percent of my portfolio in precious metals right now, and I believe that’s the right amount to have. Time will tell whether I’m right or not.

When you look at more recent economic data, do you believe it still supports the gold thesis?
Since before the crash of ’00, I have thought the banking system was susceptible to pressure. I didn’t want to have my money in a bank because I thought the banks could go broke very quickly.

What’s your current outlook for gold?
The most important factor right now is the physical shortage of gold. The declining amounts of gold in Shanghai storage suggest we are getting close. So I expect something to happen in the physical gold markets soon.

Source Phisical Gold

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