In a continuation of one of his most important and powerful interviews, today billionaire Eric Sprott spoke with King World News about what is going to stun the gold world in 2014. The Canadian billionaire also discussed Deutsche Bank quitting the LBMA London gold fix. Below is what Sprott, Chairman of Sprott Asset Management, had to say in Part II of this remarkable interview series.
Eric King: “Eric, what should we expect to see in 2014?”
Sprott: “I really do believe that the price of gold when it hit its high in 2011 was at full value at the time. I think the reason they banged it down was because Europe was in bad, bad financial shape. This was when the LTRO came out…
“And no one should be surprised to see gold going to new highs, particularly if we find out everything was manipulated. What if all of the details come out that all of these banks were conspiring together as they were conspiring together in LIBOR rigging? And they all had these little codes, ‘All right, we’re going to bang it (the price of gold or silver) together. We’re all going to make a fortune.’
What did we all think was going to happen when we found out that’s really why the price of gold went down? Then we all have to revisit our supply/demand data, and the supply/demand data is going to say the price of gold should be much, much higher.
So I’m absolutely convinced we are going to go to new highs this year. In fact, it might be a very stunning recovery, i.e. in a very short (period of) time when the truth comes out. And believe me the truth is going to be coming out here.
And I find it very ironic that Deutsche Bank would immediately quit the London gold fix. I suspect that their regulator said, ‘By the way, do you know your trader has been ripping people off here?’ And they say, ‘OK, fine. We’ll just quit the LBMA right now.’ They may be trying to limit their liability. Who knows? But I’m sure that Deutsche Bank knows why they quit the LBMA today because of this announcement by the German regulator.”
Source King World News