Sprott’s Rick Rule to CNBC: If You Think Your Wife’s Ring is Supply, Ask Her. You’ll Find Out it Isn’t!

large ringWhile Eric Sprott was speaking with The Doc this morning, Sprott’s Rick Rule was on CNBC discussing gold, silver, platinum, and palladium in the midst of the latest cartel raid on the metals.

While Rule’s entire interview is a MUST WATCH, the below clip was an absolutely classic response to CNBC’s claims that jewelry recycling will prove to bring massive supplies to the market:

In terms of gold and silver with supply, you have to think about historically mine supplies, but there are no substantial inventories of platinum and palladium. It has gone up a smokestack, it has gone out a tailpipe or been turned into jewelry. If you think your wife’s ring is supply, ask her. You’ll find out it isn’t

When asked which precious metal Rule would recommend owning he responded:  I would own the whole bullion suite.

Rule’s full interview is below: [Read more...]

Silver To Climb 38% In 2013 – “Possibly Over $50/oz” Say GFMS

Thomson Reuters GFMS has published research that says they project silver prices to rise 38% in 2013 from current levels, as a sluggish global economy increases safe haven demand. The bullish silver GFMS forecast was published on the Silver Institute website yesterday and is unusual as the GFMS have been quiet bearish on silver in recent years despite rising prices. Philip Klapwijk of GFMS said that “a rebound in investment demand stemming from continuing loose monetary policies is expected to drive silver prices towards and possibly over $50 during 2013.”  Spot silver has risen over 17% this year overtaking gold’s 10% gain, and paving the way for its third consecutive rise in four years. “Strong investment demand, higher gold prices on the back of monetary easing, rising inflation expectations and the persistence of ultra-low interest rates,” are among the factors that will lure buyers to the safety of silver,” said Philip Klapwijk of GFMS. “We are thinking prices will trend higher next year. I’m not convinced that we are going to $50. I think we will definitely see $40 to $45 prices.” [Read more...]