by Chris Powell
Dear Friend of GATA and Gold:
Reviewing the week in gold and silver with Craig Hemke for Sprott Money, mining entrepreneur Eric Sprott says investing increasingly is taking silver that ordinarily would be purchased for industrial use, driving the price up. Physical demand on the New York Commodities Exchange, Sprott says, has become “crazy.”
Commercial banks have been manipulating the silver market for many years, Sprott adds, and now are trapped in their short positions by delivery claims. The banks still can “run the stops” in the futures market in the very short term but buyers quickly return.