A Discussion with Eric Sprott


Back on Thursday, as part of our weekly webinar series, it was a distinct pleasure and honor to welcome Eric Sprott to Turdville.

In this wide-ranging, 47-minute discussion, Eric offers his comments and analysis on:

  • Chinese gold demand and the continuing drawdown of the GLD.
  • Market conditions needed to facilitate an expansion of the PHYS and/or PSLV.
  • The mining stocks. Eric also offers his key metrics for evaluating miners that can make it through this current downturn.
  • What mistakes we've made over the past three years and how to prepare for the future.
  • The ongoing deviation of the gold:silver from historical norms.

And much, much more!

Again, weekly discussions such as this one are all part of what subscribers find valuable within Turd's Vault. More information and subscription information can be found here: https://www.tfmetalsreport.com/subscribe



Oct 17, 2014 - 3:26pm


the man

Oct 17, 2014 - 3:48pm

2 or 3 may-B

I might B 2 or 3 may-B

Oct 17, 2014 - 3:51pm

Mmmm! Crumbs...

Thanks Turd! ;-)


Oct 17, 2014 - 4:16pm

Listened Already

great interview and great guy.

Oct 17, 2014 - 5:29pm

Sprott doesn't want to trade any of his silver for paper money

I, also, have no intention of selling Silver for paper assets. Maybe for food or water, but not for pieces of paper with colored ink.

sierra skier
Oct 17, 2014 - 7:03pm

What a treat

This will be a good listen. I don't want to trade any of my silver either.

Oct 17, 2014 - 7:43pm

Thanks Turd. Love Sprott!

Thanks Turd. Love Sprott!

Spartacus Rex
Oct 17, 2014 - 8:31pm
Righting Moment
Oct 17, 2014 - 9:53pm

Fantastic Opportunity

Thanks Turd for making this happen for the community you have going here. It's incredible that we have the chance to listen to the likes of Eric Sprott.

Boswell - crumbs indeed !!! What a feast for us !!

Oct 17, 2014 - 11:35pm

Thumbs up

Cheers Turd! Thanks for this.

gold slut
Oct 18, 2014 - 2:03pm

Sprott inreview

Great listen. Koos and Eric are the most down-to-earth people in the PM world I have heard you chat with. Great guys, feels like having a beer with a couple of (very smart) pals.

Dagney Taggart
Oct 18, 2014 - 4:26pm

Thanks Turd

I wish he would have been casted as Henry Rearden or Midas Mulligan.


So It Goes
Oct 18, 2014 - 6:20pm

Off topic

Obama appoints his political hack friend to be the "Ebola czar"


This insider lawyer has ZERO medical experience:

Chairman of staff to both VPs, Gore and Biden. Hey great news - he signed off on the loans to Solyndra - $1/2 billion - the defunct solar experiment.

Can someone please explain to me the difference between Bush's appointment of Michael Brown - the Arabian Horse lawyer - to oversee hurricane Katrina and Obama's appointment of this lawyer with no medical experience to oversee Ebola?

Red team yay - blue team yay!!!!!

We are so effed - keep stacking

Oct 18, 2014 - 11:09pm

Gold Rush on 60 Minutes 10/19/2014

60 minutes is doing a segment on gold prospecting in the Yukon tomorrow. I don't know what to expect but thought some of Turdville might be interested.

Mr. Fix
Oct 18, 2014 - 11:10pm

Wealth Inequality Is Not A Problem, It’s A Symptom

Wealth Inequality Is Not A Problem, It’s A Symptom

Submitted by Tyler Durden on 10/18/2014 - 22:14

If someone would suggest today to break up the USA, because its present status contradicts that which the Founding Fathers had in mind (and there are plenty of arguments to be made that such contradictions exist in plain view), (s)he would not even be sent to a nuthouse, because no-one would take him/her serious enough to do so. But wealth inequality still rises rapidly within America, and it doesn’t serve the people. So why does it happen, and why do we let it? Because the inequality that matters most is not wealth, but power. And we’ve been made to believe that we still have that power, but we don’t. Voting in elections has the same function today as singing around a Christmas tree: everyone feels a strong emotional connection, but it’s all just become one giant TV commercial...

Oct 19, 2014 - 12:48am

since this thread is ... a bit old.

I'll post this link here.


I hope you see the same ads that I do while watching it. I only post this so people realize the humanity they have already given up.



Oct 19, 2014 - 8:20am

Sprott nuggets

Sprott nuggets. Very tasty.

What a great interview. Worth listening to a few times. He has given me a few angles I've not fully considered before, but I guess that's why he is Eric Sprott the millionaire and I am erewenguy the not so much.

Oct 19, 2014 - 5:27pm

Great Interview

Sprott sounds like a voice of sanity amongst all the craziness. Definately well worth the listen. Thanks

Spartacus Rex
Oct 19, 2014 - 6:04pm
Oct 19, 2014 - 6:12pm

Indian Exchanges to extend Gold ETF trading session

After the regular market hours from 9:00 AM to 3:40 PM, trading in gold ETFs will resume at 4:30 PM on October 21 and continue till 7 PM, the exchanges said.

MUMBAI: Top stock exchanges National Stock Exchange of India (NSE) and Bombay Stock Exchange (BSE) have decided to extend the trading session for Gold Exchange Traded Funds on Tuesday till 7 PM on account of Dhanteras - a day considered auspicious for buying gold.

Besides, both the bourses have decided to waive off the transactions charges for all trades in gold ETF securities on that day.

In separate notices, NSE and BSE said that they would conduct "an extended live trading session on Tuesday, October 21, 2014" in Gold ETF securities "on the auspicious occasion of Dhanteras".

After the regular market hours from 9:00 AM to 3:40 PM, trading in gold ETFs will resume at 4:30 PM on October 21 and continue till 7 PM, the exchanges said.

It is considered auspicious to buy valuables like gold on occasions like Dhanteras, Diwali and Akshay Tritiya in India.

Returns from Gold ETFs are linked to the domestic price of physical gold but spare the investors from the trouble of buying and keeping the yellow metal in physical form.

Gold ETF of -- Axis Mutual Fund, Birla Sun Life Mutual Fund, Goldman Sachs Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, IDBI Mutual Fund and Kotak Mutual Fund -- are some of the securities that would be available for trading on Tuesday.

BSE and NSE have informed their members that all unmatched pending orders of Gold ETF securities at 3:30 PM would be cancelled and not carried forward to the extended trading session.

"Members would remain logged in to the trading system after the end of post closing session at 4:00 pm and would no need to log in again for the extended trading session at 4:30 pm," BSE said in its notice.

"All trades done on Tuesday, October 21, 2014 during the normal as well as extended trading sessions would be merged and settled on October 27, 2014 as per existing settlement schedule," it added.


So It Goes
Oct 19, 2014 - 6:53pm

Platinum Eagles - going on sale tomorrow - a bargain?

The 2014 Platinum 1 oz US Eagle will go on sale tomorrow at noon.


The thing I find odd is that there is no official price listed. I have never seen that before. Does the US mint not know how to price the coin? In the past the price was always listed according to the "pricing grid".

If platinum is priced at $1200-$1249.99/oz the mint price should be $1600. If platinum is between $1250 and $1300 the price for the platinum eagle should be $1650. Well given the drubbing that platinum has received over the past 2 1/2 months, $1500+ to currently $1263, I'm pretty sure the US Mint bought their blanks at a much higher cost. If platinum today were priced at $1505/oz the US Mint would be offering the coins at $1900 each.

I think the US Mint is reluctant to put a price on this coin because THEY ARE GOING TO LOSE MONEY ON EVERY SALE.

Does anyone else think that 1st day of issue platinum Eagles may be on sale? The mintage will be limited to 15,000 coins. This one may be a sellout.

P.S. The poor young girl on the reverse looks to be begging for mercy from the onslaught to come. I personally find that ironic and possibly charming.

Spartacus Rex
Oct 19, 2014 - 7:19pm

@ So It Goes Platinum Proof Eagles

For crying out loud!


Cheers, S. Rex

Mr. Fix
Oct 19, 2014 - 8:05pm

More gold stuff.....

Why The Argentinean Situation Should Make You Buy Gold

Posted by : Sprout Money

Post date: 10/19/2014 - 10:53

A prelude for the monetary madness...

So It Goes
Oct 19, 2014 - 8:15pm

@ Spartacus

Are you going to buy the platinum eagle tomorrow?

"And so do his sisters and his cousins and this aunts"?

HMS Pinafore

Spartacus Rex
Oct 19, 2014 - 8:27pm

@ So It Goes

Who Me?


Er, um, uh what's Platinum?

And what is all this fuss about "last of the series" and "No Order Limit"

Snooze & Lose! 'Nuff said.

Cheers, S. Rex

Oct 19, 2014 - 9:06pm

Replacing the Dollar

Posted on October 19, 2014 by Martin Armstrong

The conspiracy crowd keep swearing the dollar has to collapse and remain clueless that the world is in serious trouble. The impact of debt is far worse outside the USA than inside yet their myopic vision blinds them to the truth. Taxes are so high in Europe and this renders it is impossible to grow the economy out of recession. Debt use to be debt and the theory was it would be less inflationary to borrow than to print. However, after 1971, debt became merely currency that paid interest as it began in the 1860s. The dollar is now the reserve currency and not even the USA can prevent that – there is no alternative !!!!!!!!

It is now MORE inflationary to borrow than to print for now the currency just pays interest. You trade markets and post TBills as collateral. So TBills are now cash paying interest. Moving toward electronic money to collect even more taxes will divide the economy with a greater division between above and below ground. If you could not borrow on government paper, then government could not sell it. So they are trapped in a doomed system that cannot be sustained and the press is controlled to ensure the public remain blinds, death, and dumb about the crisis.

Many insurance companies and pension funds buy government debt for it is considered “riskless”. We are facing a monumental crisis of tremendous proportion. However, this isNOT about the dollar, it is about global debt and taxes. We have reached the peak of the bell curve that Art Laffer articulated correctly. The higher the taxes the lower the growth and the greater the debt. Rising interest rates expand government debt. Government debt defaulting takes down all pension funds. This is a huge problem. We are not in a position to handle the massive uprising when people wake up and realize they have been really is been living a dream.

I am working on the solution that will be put out shortly. There are those proposing a gold back SDR. Good luck. Been there done that. We are way beyond that and besides do you really want the IMF to be in charge of money creation? That will be worse – an unelected dictatorship.

We are headed into the abyss where we will have to create a new reserve currency among nations that is debt free. We will be forced to end government borrowing and theAge of Karl Marx will then, and only then, come to an end. This is moving toward Atlas Shrugged.


Oct 19, 2014 - 9:11pm

Harvey's Up! (TFMR)

Harvey's Up at TFMR and SilverDoctors: https://www.tfmetalsreport.com/comment/625767#comment-625767

  • Mark O'Byrne: Gold is up about 1.4% for the week after reaching a one-month high of $1,249.30 on Wednesday. Gold has seen safe haven buying along with U.S. Treasuries on increasing concerns over financial markets, the Eurozone, the emergence of Ebola and the global economy. Weak data from China and Europe have in particular badly spooked markets, though U.S. jobless claims and industrial output data on Thursday were slightly better than expected. Dollar weakness has also supported gold and silver as the sluggish data stoked worries that the U.S. Federal Reserve would have to delay the long threatened increase in higher rates.
  • Silver Doctors: Chris Powell says central banks will revaluate gold upwards substantially overnight, after which the gold suppression will start again from a much higher level. Massive Chinese gold accumulation: China doesn’t want a free market, they want control of the gold market! If Gold & Silver Markets Are Not Rigged, They Are the Only Markets Not Rigged- Free markets are restraints on Central bank power! Physical vs. certificate bullion- Chris asserts that if you’re taking certificates at a bullion bank, you might as well flush your money down the toilet! Physical PM investors are fighting every central bank in the world- they won’t relinquish their power easily until the last ounce of metal is drained from the markets.
  • Zero Hedge: It may come as a shocker to some, but hopefully not to anyone here, that September retail sales were arguably the worst of the year excluding the "abortion" that was the Polar Vortex. The simple reason: after the US consumer loaded up on debt in the spring and the summer, the payback hangover has finally hit with the payment due in the mail resulting in a collapse in revolving credit as reported previously, and as the September retail sales just confirmed: Headline retail sales: -0.3% missing expectations of a -0.1% decline, and down from the 0.6% in August. Retail sales ex-Autos -0.2%, missing expectations of a +0.2% increase, and down from +0.3%. Retail sales ex-Autos and gas: -0.1%, missing expectations of a solid 0.4% rebound and down from 0.5%. And not just that: clothing stores dropped -1.2%, sporting goods dropped -0.1%, furniture was down -0.8%, miscellaneous retailers -0.2%, and, sorry Jeff Bezos, online "non-store retailers" such as Amazon declined -1.1%. Because nothing screams recovery like the US consumer slamming the spending breaks just as the holiday season begins to unwind.
  • John Williams: On the dollar, Williams says, "The big factor here is the U.S. dollar and all sorts of things that impact that. The economy is probably the biggest. You also have the Fed policy. Right now, there is the presumption that the easing is over and they are going to raise interest rates. Guess what? If the stock market continues going as it is and the economy starts turning down, I think the Fed is going back to easing (money printing) again. They will use the economy as cover for its actions in trying to prop up the stock market and trying to prop up the banking system. The Fed's primary function in life is to prop up the banking system. A weak economy is not good for the banking system. The economy is a sideline for it, and there is very little it can do, but it can use the weak economy as political cover for flooding the system with liquidity and keep the banking system afloat." Williams goes on to say, "Any pull-back from the 'taper,' any shift in expectation, the Fed is going to have a QE 4, will tend to hit the dollar very hard. Along with that, a spike in gold prices and we're off and running. . . . You are getting a confluence of extraordinary factors that are coming together that will cause the dollar to break. You'll have a panic flight from the dollar along with dumping of U.S. Treasury bonds by foreign owners. We are coming in on the end game here."
  • John Williams: On the stock market, Williams says, “I can’t give you good reason for why the stock market is as high as it is. The fact you are seeing this volatility means there are a lot of people who are very nervous about what is going on and where things are in the market. It is probably one of the great bubbles of all time. It most likely will collapse along the lines of the U.S. dollar in response to the reality of no economic recovery. . . I can’t think of a more vulnerable market than what we are seeing here.”
  • Ted Butler: One thing I've been meaning to report on is the movement in other silver ETFs, such as SIVR and the Swiss ZKB. Over the past month, more than 11 million oz of silver have been withdrawn from these two ETFs alone, despite an overall growth in total silver holdings in all visible sources. To me, this is further proof of increased physical turnover in silver pointing to wholesale tightness. Total visible world silver holdings are near the record 900 million oz level, which is mirrored in the holdings of SLV which are up 10% for the year and within 5% of the record highs of early 2011.



So It Goes
Oct 19, 2014 - 9:16pm

@ Spartacus

Platinum eagle - still no official price at the US mint.

Kitco - Pt. $1273 - +$12 tonight.


Even at $1650 for First Day of Issue - (if that means anything) - could still be a bargain.

Even if submitted to PCGS for $40 more:


MS 69 Proofs are no less than $1627, and MS 70 proofs are no less than $2500. Given that platinum has already correctly so much, there seems to me to be virtually no downside and only upside potential. Ummmm - load up if you've got dry powder. :-)

Spartacus Rex
Oct 19, 2014 - 9:42pm

@ So It Goes WTH?

1) You already know how the pricing mechanism works as it is clearly spelled out by the Mint.

2) You already know the Mintage limit.

3) You now know that it is the last Coin in the Preamble Series, as well as the fact that there is no order limits.

Hello? Remember the HoF Half Eagle? GONE in 90 Minutes!!!

So please,

take a long slow drink from a large cup of (you know what) already, and make sure you are ready tomorrow!

If you wish to discuss or opine on, oh let's say, tuesday, wednesday, etc., FINE!

Cheers, S. Rex

So It Goes
Oct 19, 2014 - 10:07pm

@ Spartacus

Hey friend - no arguments from me - we are of one mind.

I'm just thinking out loud with the idea of encouraging our fellow Turdites to get in the spirit and cheer up given the bashing all the precious metals have taken.

BTW - I documented in this forum how my orders for the HoF gold proof and uncirculated coins as well as the silver proof coin where accepted, then placed on backorder and the delivery date pushed back several times, and finally canceled from the mint - AND WITH NO APOLOGY OR EXPLANATION. Snooze you lose indeed - the mint being a government agency is not accountable. So it goes.

FWIW - If we have a currency collapse with also a hyperinflation - all metals will retain great value. (That would include copper pennies ((and even zinc ones)) as well as nickels).

Stack well.

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Key Economic Events Week of 6/24

6/25 10:00 ET New Home Sales
6/25 1:00 pm ET Chief Goon Powell
6/25 5:30 pm ET Goon Bullard
6/26 8:30 ET Durable Goods
6/27 8:30 ET Q1 GDP final guess
6/28 8:30 ET Personal Income and Consumer Spending
6/28 8:30 ET Core Inflation
6/28 9:45 ET Chicago PMI

Key Economic Events Week of 6/17

6/18 8:30 ET Housing Starts and Building Permits
6/19 2:00 ET FOMC Fedlines
6/19 2:30 ET CGP presser
6/20 8:30 ET Philly Fed
6/21 9:45 ET Markit flash June PMIs

Key Economic Events Week of 6/10

6/11 8:30 ET Producer Price Index
6/12 8:30 ET Consumer Price Index
6/13 8:30 ET Import Price Index
6/14 8:30 ET Retail Sales
6/14 9:15 ET Cap Ute and Ind Prod
6/14 10:00 ET Business Inventories

Key Economic Events Week of 6/3

6/4 All day Fed conference in Chicago
6/4 10:00 ET Factory Order
6/5 9:45 ET Markit Services PMI
6/5 10:00 ET ISM Services PMI
6/6 8:30 ET US Trace Deficit
6/7 8:30 ET BLSBS
6/7 10:00 ET Wholesale Inventories

Key Economic Events Week of 5/28

5/28 10:00 ET Consumer Confidence
5/30 8:30 ET Q1 GDP 2nd guess
5/31 8:30 ET Personal Income and Consumer Spending
5/31 8:30 ET Core Inflation
5/31 9:45 ET Chicago PMI

Key Economic Events Week of 5/20

5/20 7:00 pm ET CGP speech
5/21 10:00 ET Existing Home Sales
5/22 2:00 ET FOMC minutes
5/23 9:45 ET Markit PMIs
5/24 8:30 ET Durable Goods

Key Economic Events Week of 5/13

TWELVE Goon speeches through the week
5/14 8:30 ET Import Price Index
5/15 8:30 ET Retail Sales and Empire State Manu. Idx.
5/15 9:15 ET Cap. Ute. and Ind. Prod.
5/15 10:00 ET Business Inventories
5/16 10:00 ET Housing Starts and Philly Fed
5/17 10:00 ET Consumer Sentiment

Key Economic Events Week of 5/6

5/9 8:30 ET US Trade Deficit
5/9 8:30 ET Producer Price Index (PPI)
5/9 10:00 ET Wholesale Inventories
5/10 8:30 ET Consumer Price Index (CPI)

Key Economic Events Week of 4/29

4/29 8:30 ET Pers Inc, Cons Spend, Core Infl
4/30 8:30 ET Employment Costs
4/30 9:45 ET Chicago PMI
5/1 8:15 ET ADP jobs report
5/1 9:45 & 10:00 ET Markit and ISM Manu PMIs
5/1 10:00 ET Construction Spending
5/1 2:00 ET FOMC Fedlines
5/1 2:30 ET CGP presser
5/2 8:30 ET Productivity and Unit Labor Costs
5/2 10:00 ET Factory Orders
5/3 8:30 ET BLSBS
5/3 9:45 & 10:00 ET Markit and ISMServices PMIs

Key Economic Events Week of 4/22

4/22 10:00 ET Existing Home Sales
4/23 10:00 ET New Home Sales
4/25 8:30 ET Durable Goods
4/26 8:30 ET Q1 GDP first guess