Tuesday, November 10, 2015

Eric Sprott: US Is Broke And By Far The Biggest Issue – It’s Not Just Government. It’s Corporate Pension Plans, And State Pension Plans And All These Unfunded Obligations Where Everyone Thinks They Are Going To Receive Something Only To Find Out That They Are Not Going To Receive Something

"Money manager Eric Sprott has not lost his faith in owning physical gold and silver. Sprott contends, “I don’t lose any sleep over the price of gold going down in the sense that I believe what I believe. I believe it’s been manipulated. It’s very much about currency and economics of the Keynesian scheme that we’re going to spend money, print money and it’s all going to work. It’s not working. I don’t want to wait and find out the day it falls apart because when it falls apart someday, then it will be too late. I want to be positioned beforehand. I can remember shorting stocks before March of 2000. It was a bit of a rough ride for three months, but my gosh, when it rolled over . . . you have to be a little bit early on things. I believe the last four years have been orderly and created to be difficult. I think gold would have gone up, but they could not stand for it to go up because they were printing money. If you are printing money and gold goes up, everybody figures it out. . . . I’ve been around for a while, and I have the patience to hang in there. I have been a buyer of gold stocks, and so I am hopeful this will end up being a very, very rewarding trade.”
Sprott predicts, “There has to be a collapse. It will be way bigger than 2008. We had a debt problem in ‘07 and ‘08 and the debt has exploded.”
Join Greg Hunter as he goes One-on-One with Eric Sprott, the Chairman of Sprott Inc.
at http://investmentwatchblog.com/eric-sprott-us-is-broke-and-by-far-the-biggest-issue-its-not-just-government-its-corporate-pension-plans-and-state-pension-plans-and-all-these-unfunded-obligations-where-everyon/

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