From King World News:
Today, billionaire Eric Sprott told King World News the Chinese cannot continue to buy gold as aggressively as they have been without there being a dramatic increase in the price.
Eric Sprott, chairman of Sprott Asset Management, had this to say about Chinese purchases of gold and the recent announcement that Iranian oil will be acquired using gold:
"There are two things I think are important about that. One, it's a statement that gold is a currency. That is, by far, the most important thing. I think the other thing is, if it actually transpires that way, what does it mean for the demand for gold? Because now it's considered currency, it's, in essence, your working capital. You have to have it. It's like a store, you have to have money in the till."
... Sprott had this to say about the Fed's announcement that it will leave rates at zero until late 2014:
"Obviously, it's dramatic what has happened. It would appear there will be no restraint whatsoever on the part of the Fed. Assuming this announcement causes gold to...
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