Today billionaire Eric Sprott warned King World News that when it comes to the Fed, “... there is no exit plan. There never was an exit plan, and there is no exit.” This is the first in a series of interviews with Sprott that will be released which reveals the increasingly desperate situation Western central planners face as we head into 2013.
Here is what Sprott, who is Chairman of Sprott Asset Management, had to say: “The Fed is trying to suck and blow at the same time because they are suggesting the rates are going to stay low out to 2015, unless the unemployment rate gets down. They come out with this statement about the minutes, which means nothing because it’s not policy.”
“What I found most striking about it is if people really imagined that the Fed was not going to buy bonds, what should happen to interest rates? What should happen to the stock market? What should happen to the homebuilders? What should happen to gold?
The only thing that really got smashed (out of those asset categories) was gold and silver....
Continue reading the Eric Sprott interview please click here.
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