Eric says the physical market is tight already, and if smart crypto holders move into gold & silver, the market could blow…
“More of the same” – that seems to be the refrain for precious metals this year, according to Eric Sprott. It’s been tough, and gold and silver bugs may be feeling a bit low this holiday season. But, says Eric, a renewed rally in 2018 may be possible.
“We’ve never seemed to be able to get that large short position down,” says Eric. “It just shows they [Central Banks] have control of the market. Whatever their purpose is, they get there. Once they can cover this, we probably will find a creative low, here. It’s been tough.”
But, Eric says, there may be hope. “We may have lost all our game, but we have things that will happen here shortly that I think will change things rather quickly.”
Bitcoin’s massive capital rush just may be positive for a rush into precious metals – and Eric definitely believes physical commodities will be affected by Bitcoin and other cryptocurrencies. “When people cash out their Bitcoins, where are they going to put their money? Some people will be selling here and look for a place to put it – it won’t take much for things to move around in the precious metals markets [as a result].”
As always when it comes to speculating, anything can blow up – the key is to keep your ear to the ground and remain patient.
To hear more on Eric’s thoughts on metals in the new year, the moves in stocks, geopolitics, and more, tune into this week’s Wrap-Up, below: