Today billionaire Eric Sprott told King World News that central banks are panicking as the whole world is buying gold here, including Druckenmiller.
Eric King: “King World News was the first news organization in the world to report that multi-billionaire Stanley Druckenmiller had bought back his gold position and today (two days later) Bloomberg news confirmed it. What are your thoughts on Druckenmiller buying back his gold position?”
Eric Sprott: “When Druckenmiller sold his gold, which turned out to be great timing, I never subscribed to the thesis of why he sold it, although it was correct (in terms of timing). I had been wondering lately, is this guy going to come back in here? I was wondering that simply because of all the uncertainty with U.S. politics and what’s going on in Europe, Japan and China With that as the backdrop you would think he would want to own gold. So I was quite pleased to see him stepping back in and I think it’s a leading indicator of how other mainstream people are thinking.”
Eric King: “Where do you see ahead for the gold and silver markets in 2017?”
Eric Sprott: “You can see all sorts of interest in both the stocks and the gold ETFs and I think the more important thing to move the mining stocks is the ETFs, right? The ETFs have to come first. I guess the most pleasant thing is to see the type of tonnage that is going into the U.S. ETFs. Because the European gold ETFs were already on a huge roll in December and January. So now we’ve got the U.S. gold ETFs finally starting to pick up some steam…
Eric Sprott continues: “I can tell you that the thing I’m watching the most is the Chinese gold ETF, which, just yesterday, had $28 million more in inflows that resulted in them buying close to a tonne of gold to add to their growing hoard. That ETF only has a value of about $1.1 billion, so that was almost a 3.3 percent increase in their gold holdings in just one day…..more here