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Silver Provides Blueprint To Sprott’s Call To Action -

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NYBob Member Level  Thursday, 03/22/12 10:55:30 PM
Re: NYBob post# 839
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Silver Provides Blueprint To Sprott’s Call To Action -
Eric, Wall Street Cheat Sheet | March 21, 2012

Eric Sprott, legendary gold and silver investor and chairman of Sprott Inc.,
famously issued an open letter to 17 of the world’s largest
silver producers last year.
The letter is well-known to the precious metals community
because it challenged the mining industry to limit silver sales
until prices increased.
Unlike an OPEC style cartel, Sprott advocated that miners
simply hold a portion of their cash reserves in the form of
silver, in order to protect themselves and shareholders from
irrational price corrections that take place too often in the
silver market.
Silver mines not only heeded Sprott’s advice, but has already
benefited from it.


Sprott’s “Call to Action” letter suggested, “Instead of selling
all their silver for cash and depositing that cash in a levered
bank, silver miners should seriously consider storing a portion
of their reserves in physical silver outside of the banking
system.
Why take on all the risks of the bank when you can hold hard
cash through the very metal that you mine?
Given the current environment, we see much greater risk holding
cash in a bank than we do in holding precious metals.”
Furthermore, holding silver instead of cash as a form of
savings allows silver miners to convert their silver into cash
at an opportune time.

When asked about silver specifically, Embry responded,
“Nothing has changed. The supply/demand is powerful....


http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/3/21_John_Embry__%2450_Downside_on_Gold_but_%241%2C000s_to_the_Upside.html

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