Greg Hunter of USAwatchdog.com recently conducted a one-on-one video interview with famous precious metals analyst Eric Sprott. In the interview, which can be seen here, Sprott says he expects gold and silver to hit new highs either near the end of the year, or early 2014.
At the 8:15 mark, Sprott discusses how Cyprus was the first case of the new “bail-in” plan of dealing with bad banks. This is where depositors will lose some or all of their money over the government-insured limit, and be lumped in with the rest of the unsecured creditors vying for at least some of their money back. Sprott notes that “The shocking thing to me is, obviously, most governments now have put into place legislation or rules in their banking systems for bail-ins . . . . And the fact that all these countries are doing this means . . . this is what’s going to happen.”
He says that the execution of bail-ins of banks will mean “the ultimate win for precious metals” as throngs of people rush to secure their savings in non-fiat, physical form.
Set aside part of your lunch hour, or bookmark Hunter’s interview for later, and be sure to watch the whole thing!