The Phaserl


Eric Sprott: Manipulation, gold and the decline of the dollar

by Jan Skoyles,

For Mr Sprott, the most key development in the last two years in the explosion and strength seen in gold demand from China. And yet, he points out, this has failed to lift the gold price. Sprott sees key explanations for this and also believes that we are not being shown the full picture when it comes to gold. For instance, it’s very likely that mainland China imports its gold from places other than Hong Kong. So, those huge numbers we see coming from Hong Kong, could just be a speck in the ocean compared to the real import numbers.

ERIC SPROTT: Well it’s really interesting. In fact it’s funny you should start with 2011 because I think the most meaningful thing that’s happened since 2011 (based on the statistics that come out of Hong Kong and those are the only ones we have), is that the exports of gold from Hong Kong into China have risen from under 100 tons a year in 2011 to, 1,200 tons a year in 2013, as we speak right now. That means that the Chinese are consuming an extra 1000 tons of gold. And, as you’re aware, the gold market is a 4,000 ton market, so we have a participant who stepped in to buy 25% of the gold market and the price of gold has gone down. I would challenge anyone to look at any other commodity where somebody bought 25% of it, whether its oil, or wheat, or corn, or any substance, where they would have expected that the price went down.

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