This Guy is Buying Seven Million Ounces of Silver

via: WealthWire
by: Britanny Stepniak
August 2, 2012

Recently, billionaire Eric Sportt gained a great deal of attention when he claimed that silver was the investment of the decade.

For investors who were hesitant on jumping on any bullion bandwagons, now may be the time to change your motives a little…

Eric Sprott has announced that his company – Sprott Asset Management – will put $200 millioninto his self-named Sprott Physical Silver Trust.

Sprott commented on the decision to take this action on his blog:

“We thought the timing was good in the sense that the silver price has been in the doldrums and there would be some underlying interest in the metal. We were happy the announced offering reached the target of $200 million because the issuing market is not very robust these days.”

This announcement is sure to give silver the biggest boost it’s seen in quite a while. When someone scoops up seven million ounces of silver in one feel swoop there’s no question that the silver market will benefit and prices will inevitably surge back up, potentially higher than February’s high of $35.1 per before we ring in the new year.

This is especially significant when we look at the longer-term picture and consider that the future silver supply is at risk. As the fiat currencies continue in a downward spiral, there will eventually be a mad dash towards the most promising safe-havens. Precious metals.

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