Gold & silver surge as fear and chaos grip the world
Craig Hemke and Eric Sprott discuss the latest round of “lousy data” which leads Eric to forecast no additional rate hikes this year.

Eric talks physical supply shortage, cartel manipulation, and what gold and silver prices can look like in an environment full of tensions and hot-spots around the world, where the risk of a shooting war is at stake:

  1. Blah, blah, frickin blah. This story could have been pulled out of the archives for any time period in the past 10 years. No more damn stories about shortages and/or Silver & Gold shooting to the moon. We’ve heard this story at least once a week for the past several years, everyone is tired of it. Just cover the actual “news”. That is to mean, what has actually occurred. In the event that one of these years S&G actually do something meaningful, then it would be appropriate to cover it. It’s just tiresome and none of these authors/commentators has any legitimacy any longer, having cried wolf for months and years on end. Please stop the torture.

  2. How about this classic?

    Sprott: “Manipulation Of Gold By Central Banks Cannot Continue In 2014”

     
    CognacAndMencken  Pinto Currency Jan 18, 2014 2:15 AM

    I haven’t listened to anything Sprott has said since he went around on a media blitz in early 2011 pumping his PSLV with all sorts of hyperbolic fear-mongering nonsense, while quietly dumping his shares at the same time. Has anyone other than Sprott made a buck on PSLV? From its inception, it’s been a loser except for a few months in early 2011 when all the silver pumpers were humping PSLV like a dog. It’s gotta be one of the worst performing IPO’s of the past several years.
    Just out of curiosity, how did the silver pumpers back-peddle from all their bullshit like: “silver to the moon!….$60 by next week!… The silver industrial panic is imminent!…. Comex silver inventories are being raided!….Silver shortage will destroy JPM! …..Silver will reach parity with gold by next month!” ????? How did Sprott and all the hillbilly silver pumpers excuse themselves for being so utterly, laughably WRONG? Sprott was front and center in all that silver-hyping garbage, and yet here he is in this article saying the exact opposite – 2013 was totally uneventful regarding physical silver demand. What happened to the physical supply of silver being so dire that Sprott could barely find any for PSLV?
    Last I heard, physical silver inventories were going to destroy the modern banking system (at the very least, JPM) and all the Coin Shop Rambos were preparing for world domination. Now Sprott is saying that physical silver demand was a big nothing for 2013…..What the hell happened? What about the shortage?? I thought if I bought some silver coins I’d destroy JPM? WTF? Did everyone finally realize that the “Farting Silver Bears” was just a YouTube cartoon? What happened to all the silver pumpers who based their retirement savings on those Farting Bears?
    I know this post sounds a little antagonistic, but all the shameful silver pumpers need to be called out for their lunacy and bullshit, and there’s no better place to do it than an article about Sprott – the godfather of the silver pumping mafia.  How many bagholders did the “Crash JPM, Buy Silver” create?  How many good, innocent people got hooked in the mouth with all sorts of silver-pumping propaganda and lost half their wealth in the past two years while nearly every asset soared?  You could have bought Herbalife…. Fuck, you could have bought the shittiest stocks on Earth and made a fortune, but instead all the shameful silver pumpers puked up a bunch of hyperbolic nonsense and REAL people lost significant wealth.  You could have made NO investments in anything and asked your boss for a 40% deduct in your salary and you would have been better off than buying silver around the time of Sprott’s PSLV IPO.
    And what’s even MORE ridiculous about all the goofball silver pumpers is that they were so unbelievably intolerant of anyone questioning them.  Precious metals investing was/is a cult, and unless you pledge allegiance to all the carnival barking bullshit, you’re ridiculed, mocked and basically told to fuck off.  What a joke…  I don’t think I’ve ever seen such investment lunacy in all my life.
    So now it’s 2014 and Sprott has done a complete reversal – apparently demand for physical silver is now flat… no dire shortages anymore. How convenient…. it’s almost like he doesn’t have a new IPO anchored to physical silver to pump anymore.  Is he trying to rebuild credibility since he got fired from his own fund?  Are you guys giving him and all the other silver pumpers a mulligan on all the hornswoggling carnival barking that ultimately screwed everyone? Don’t you guys see the hypocrisy in this new article by Sprott?

     

    http://www.zerohedge.com/news/2014-01-17/sprott-manipulation-gold-central-banks-cannot-continue-2014

    • Or this from 2013?  Selling as he is pumping, the classic pump and dump!
      Eric Sprott sells big chunk of Silver Trust units
      Selling out to meet obligations for his “charitable trust” and to buy miners because he feels they will outperform the metal…yeah, right.  Sold the crap out of the silver fund but nothing from the gold fund or Sprott, Inc.

       

      https://www.theglobeandmail.com/globe-investor/inside-the-market/eric-sprott-sells-big-chunk-of-silver-trust-units/article11157109/

    • It’s really a darn shame that SilverDoctors either can’t or won’t bring on new contributors that have actually be more right than wrong about silver over the past decade. Instead we get the steady stream of regurgitated nonsense week, after week, after week. Most here have tuned out the BS and come straight to the comments section where the real value is.

      Eric Sprott said back in 2012 & 2013 that gold and silver would close out those years well above their all time highs. He went heavy into several junior miners around that same span of time. He was so wrong about those predictions that he was essentially fired from his position as chief investment office at Sprott Inc. The losses for his funds must have been staggering!

      I actually like Sprott. When you listen to him speak you can tell that he really knows a lot about the fundamentals of the silver market. But he, along with most other gurus, grossly underestimated the power of the cartel and paid dearly for it. Those that followed their advice did too.

    • I fully understand your resentment about all the precious metals hype, but in the long haul it will pay off (assuming you don’t “kick the bucket” first). I’m under water like most silver/gold stackers from 2012/2013, but refuse to trade my stack for fiat of any kind. Fortunately, I don’t have any need to “cannibalize” my stack to survive at present. Although I’m 67 and healthy, I still think I have a fair chance of seeing more than a return on my investment/savings, ie, PMs. Even if I just broke even, I would be happy. Even if nothing happens, I’m still looking forward to those “pearly gates” and golden paths up yonder.

    • @Yohanan

       

      “Even if I just broke even, I would be happy. Even if nothing happens, I’m still looking forward to those “pearly gates” and golden paths up yonder.”

       

      Those of us who view PMs as a part of our wealth and as insurance against giant financial screw-ups, are not at all unhappy that they world has not gone to hell in a hand-basket, causing our PMs to skyrocket higher in price.  I see my PMs primarily as financial insurance, a long-term store of value, and inflation protection.  I will be quite happy if things go well and I never need to use my financial insurance.  It will still be there for the kids and grand kids, should they need it.

      As to those “pearly gates”, I agree.  I need a good rest to recover from all the terrible things that are done in this world before I get on with following the very long path to spiritual enlightenment.  🙂

       

  3. Sprott has a vast experience in finance and has made huge fortunes for himself and investors. However, he should avoid all gold and silver gossip from Andrew Maguire. The lying leprechaun has only a pot of fool’s gold.

  4. No shortage of Silver in this neck of the woods .Went to the bank, bought some coin and picked out the silver.Bought thirteen 20 peso coins and one was sterling .1/4 ounce of silver for a buck and two bits.

  5. Magliar is in the fortunate position of not having a reputation to protect since his July 5 dud was exposed.

    But that hasn’t deterred the arch fibber from preserving his 100% record of being wrong about everything both as Andrew Magliar and as his former guise, The London Trader.

    His newest faux pas was laid bare this morning when he Twittered:-

    Andrew Maguire‏ @andrewmaguire1  14 hours ago

    BullionCoin launch August 15th 2017 timed to  coincide with 46th anniversary of  Nixon closing the 1971Gold Window

    Nine days earlier he Twittered:-

    Andrew Maguire‏ @andrewmaguire1  Aug 2

    Good News! The BullionCoin website to launch NEXT WEEK. White paper will be availble.Early birds will be able to participate. More news soon

    His unambiguous ‘NEXT WEEK’ proved false, of course.

    https://twitter.com/andrewmaguire1?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor

    • lol @Justin Case

       

      Not a bad plan but with the tidal wave of BS threatening human civilization these days, perhaps a sturdy sail boat would be a better investment.  🙂

       

  6. Gold & silver surge as fear and chaos grip the world”

     

    In order to make gold and silver REALLY take off, a massive case of common sense would have to grip the world… and just what are the odds of that happening en mass?  Probably not very good at all… at least, not so far.  No, we have to be scared into doing the common sense thing.  Those of us who can handle a little math have already looked at the world situation and seen that it is a debt time bomb that is gonna blow one of these days and when it does it will be too late to do anything about it.  So, if one is to do anything about this, the time to do it is BEFORE the big boom.  Those who buy PMs only during times of fear and panic are the same folks who will sell them when things get back to their perceived level of “normal”.  Because of this, they won’t have their PMs when they are feeling all safe and cuddly… and the debt hammer drops without any warning whatsoever.

    Oh, well.  It will suck to be them but they won’t listen and are determined to make their own mistakes with this, so more power to ’em.

     

  7. Man, silver and gold go up a bit and all these guys are back on the roof crowing “moonshot, moonshot!” I reckon they need new shingles after all the times they climbed up there and worn the old ones off.

    So what happens when the prices fall on their face again like maybe this coming Sunday night? “Damn the market riggers got us again, but it can’t go on forever!”

     

     

  8. Personally, as an old fart… I like these articles.  Reminds me of the old National Lampoon and Mad magazines I used to read before computers.   As stackers… We can all use a vacation at the Animal House.    I wonder if Cousin Eddie stacks or just writes articles like this one?

    • lol @Rallyman

       

      Loved Mad Magazine back in the day… especially the Spy vs. Spy cartoons.  They were great.  Instead of the Roadrunner vs. the Coyote, it was more like 2 Coyotes going after each other.  The spies looked and dressed alike, except one wore black clothes while the other wore white clothes.   They traded positions as victor and vanquished frequently.  It is a tribute to those times that this never devolved into idiotic charges of “racism”.  Those with no ideas to offer frequently resort to name calling, which is a pretty low form of argument.

       

  9. In fairness to Eric Sprott and others like him, just what can be said that is new about the precious metals? Exactly nothing is new and nothing has changed for several years, yet people who sell PMs still would like to make a living. I am tuning out the PM pumpers at present, since I am already prepared for whatever may happen. As has been said numerous times, it is better to be 10 years ready than one second too late. Just buy PMs with unused fiat for savings, a dozen coins or so at a time. Don’t buy too much, or you might be forced to sell PMs at a loss in an emergency.

    • Agreed @Yohanan

       

      “Don’t buy too much, or you might be forced to sell PMs at a loss in an emergency.”

      Having a stash of cash is a very good thing in life.  This is why I refuse to “go all in” with ANY investment.  The market can always move against us when we least expect it.  When, not if, that happens having a good supply of cash means that one cannot be forced to sell their investments to raise needed cash.  This worked very well for me in both the 2001 and 2008 stock market crashes.  I never sold a single share during those times because I had a cash account that could be used for routine expenses.  In fact, I continued to buy additional shares that were cheap.  When the market rebounded, those cheap shares zoomed upward in price, allowing me to profit handsomely AND replace the cash that had been used for living expenses.

      Many “professional” financial advisors have very little respect for holding cash.  They see it as dead weight that holds back a stock and bond portfolio.  While it does reduce one’s earnings potential, it also limits one’s loss potential and provides money that can be used for living expenses in retirement WITHOUT having to sell shares that have declined in price.  But the thing is, holding cash is very important when one is retired because it means that one cannot be forced by adverse market conditions to sell reduced in value stocks, bonds, or other financial assets.  We get to choose when and what will be sold, if anything, not the market.  Those who are “all in” with their investments and aren’t holding any cash soon learn that this can be a serious mistake in their financial planning… not so much in good times but certainly in bad times.

      Younger folks also benefit from holding an emergency cash fund of 3-6 months worth of living expenses.  Having that as a backup makes financial reverses, such as large unexpected bills or the loss of a job, a lot easier to manage.  I understand that it is not easy to acquire so much cash… but then it is not the easy things in life that help us the most but the difficult ones that we achieve anyway.

       

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