Banking On Silver
Posted by Investment Rarities on November 25th 2011 in Federal Reserve, General Economy, Gold, Goldman Sachs, Monetary Policy, Russia, Short Sellers, Silver, Wall Street | Be the first to comment!
Earlier this month is was reported that Eric Sprott is seeking a charter for a less-risky bank that wouldn’t offer loans, but would make its money on services, and eventually, allow customers to hold their deposits in gold- or silver-backed accounts. In advance of that, he tells King World News that “I’m writing a letter basically suggesting to the silver producers, you know you guys have all of this money in banks, why do you have it in banks? Put it into silver, it’s a way better asset than having a bank deposit that pays zero interest rate and you take all of the risk of the bank on.” Sprott also addresses the recent filing of a follow-up prospectus for the purchase of an additional $1.5 billion of silver bullion to cover expected demand for the company’s PSLV fund.
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