Eric Sprott, James Turk, Dr. Stephen Leeb, & CEO Brendan Cahill (encore)
James Turk, from GoldMoney.com, co-author of the bestseller:The Money Bubble, returns to the show with an update on gold backwardation. Gold has been back-dated in 90 days out of the past 180 days, an unprecedented event. The last two times something similar occurred (2000 & 2009, approximately), marked the beginning of the most powerful bull runs for gold and silver in decades. The 2008 credit crisis was just the opening salvo, banks are still insolvent, debt continues to pile up; the end result will eclipse the last financial bubble in size and breadth, making real money, gold and silver, necessary components of every investment portfolio.
Best-selling author and head of Leeb's Market Forecast, Dr. Leeb says that once the EU follows in the Fed's footsteps, applying its own version of QE economic-stimulus, the commodities market and the precious metals sector could benefit as investors seek a safe haven to protect their purchasing power. Silver may be down, but not out; the world's shiniest metal will have its day in the sun for a variety of reasons and when it does, it will shine brightly. Investors should diligently observe the escalating tensions in the Middle East, if the balance of power tips abruptly, the event could cause a sea change in the US Dollar's reserve currency status, in turn boosting the prices of crude oil and commodities.
Billionaire-entrepreneur and founder of Sprott Asset Management, CEO Eric Sprott says the official economic numbers are bogus; most people realize they are paying more for life's necessities than reported. Even after spending trillions of taxpayer dollars, the Fed has accomplished little other than put the US further into debtor's prison. Last week, the EU put savings accounts with over 100,000 Euros at risk of confiscation - Eric Sprott says that investors across the pond should be bracing for something similar, unless of course savings are held in physical bullion, coins and bars. But tarry not, according to his research physical demand for gold exceeds global mining output; one nation (China) is consuming all of the gold produced in the entire Western world. Bank trading desks combine their financial clout with the leverage facilitated by paper contracts to manipulate the precious metals markets with impunity. He shares a recent headline story of a homeowner who found a container of gold coins in the backyard worth $30,000 when buried, now worth $10 million, illustrating the safe haven qualities of the yellow metal.
Excellon Resources (tickers: EXN & EXLLF) is a unique mining company, run by CEO Brendan Cahill, that recently earned top scores at Tickerscores.com rating service. Goldseek President, Peter Spina visited the firm; to say that he was impressed is an understatement. Precious metals virtually flow from the ore at the La Platosa mine, which is the highest-grade silver producer in Mexico, a country known for its silver production. In addition, it is one of the lowest-cost operations, nationwide. Top institutional investors such as Sprott Asset Management own a sizable position in Excellon shares, giving investors the peace of mind of knowing that the smart money has faith in corporate management and future prospects.
Eric Sprott has accumulated 35 years of experience in the investment industry. After earning his designation as a chartered accountant, Eric entered the investment industry as a research analyst at Merrill Lynch. In 1981, he founded Sprott Securities (now called Cormark Securities Inc.), which today is one of Canada's largest independently owned securities firms. After establishing Sprott Asset Management Inc. in December 2001 as a separate entity, Eric divested his entire ownership of Sprott Securities to its employees.
Eric's investment abilities are well represented in his track record in managing the Sprott Hedge Fund L.P., Sprott Hedge Fund L.P. II, Sprott Bull/Bear RSP Fund, Sprott Offshore Funds, Sprott Canadian Equity Fund, Sprott Energy Fund and Sprott Managed Accounts. In December 2004, the Sprott Hedge Fund L.P. was awarded the Opportunistic Strategy Hedge Fund Award at the Canadian Investment Awards. In addition, the Sprott Offshore Fund Ltd. won the 2006 MarHedge Annual Performance Award under the Canada-Based Manager category. Furthermore, in October 2006, Eric was the recipient of the 2006 Ernst & Young Entrepreneur of the Year Award (Financial Services) and the 2006 Ernst & Young Entrepreneur of the Year for Ontario. In December 2007, Eric was named Fund Manager of the Year by Investment Executive, a widely circulated publication for Canadian financial advisors. In October 2008, the Sprott Offshore Fund Ltd. won the award for the Best Long/Short Hedge Fund globally by HFM Week, a leading publication for the global hedge fund industry.
Eric's predictions on the state of the North American financial markets have been captured throughout the last several years in an investment strategy article that he authors titled "Markets At A Glance".
Mr. Cahill was previously Vice President Corporate Development of Pelangio Exploration Inc., a junior gold exploration company active in Ghana, West Africa. Prior to Pelangio, Mr. Cahill was a lawyer in the M&A and corporate securities practices at Davies Ward Phillips & Vineberg LLP. At Davies, he advised on public and private transactions valued at over $15 billion, including Barrick's acquisition of Placer Dome in 2005. He also advised on public offerings totaling over $2 billion dollars for various Canadian companies. Mr. Cahill is a member of the Young Presidents' Organization, the Law Society of Upper Canada and a board member of the Mining Association of Canada. Mr. Cahill holds a law degree from the University of Western Ontario and an undergraduate degree from the University of Toronto.
James Turk is founder of GoldMoney.com, which operates the leading digital gold currency. He also publishes the Freemarket Gold & Money Report, an investment newsletter he founded in 1987. Previously, after a decade with the international department of Chase Manhattan Bank, he managed the commodity department of the Abu Dhabi Investment Authority. His media appearances include GoldSeek.com, CNN, Bloomberg, CBSMarketWatch, CNBC, Barrons, the Wall Street Journal, and Financial Sense Online.
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