Eric Sprott

Eric Sprott on Gold, Silver, & His Biggest Investing Wins and Losses

• Top takeaway Sprott argues the current bubble is larger than 2000 or 2008 and will end via the credit markets, citing waning foreign demand for US Treasuries and a US savings base that has turned negative.
• He frames his own positioning as roughly 90% in gold and silver, with gold up about tenfold from $250 in 2000 to $2,600 as of the 2026-08-22 as-of date, and about 5% in short stock positions.
• He says gold is easier to call higher than the timing of a MAG-7 rollover, citing central banks switching from net sellers to net buyers of gold and declining silver mine production.
• He walks through his two extreme outcomes — over $1 billion of gains in Kirkland Lake (the Fosterville acquisition was the catalyst) and roughly $20-40 million lost in Pure Gold Mining's Red Lake asset after the geology did not work out.
• He lays out his investment checklist as starting with why an opportunity exists, anchored in being a 'numbers guy' and the patience to hold through 10-year discovery-to-production cycles in mining.

Sprott frames gold and silver as the ultimate bear-market refuge — central banks flipped from sellers to buyers, and weak currencies reinforce the case. He argues the biggest mispricings sit in under-followed small caps — being a numbers guy nobody else is looking at is his edge. Kirkland Lake proved high-grade ore plus patience equals a $1B win; Pure Gold's bankruptcy showed even strong theses cannot overcome bad geology. He keeps pressing high-conviction positions through multi-year drawdowns and rarely sells — patient capital compounds in resources. Sprott calls the AI bubble the largest yet, with 40x sales echoing 2000 — and gold's bull run, he argues, has just begun.

🚨 Eric Sprott: Why Silver Stocks Could Outperform #shorts

• Top takeaway Argues silver stocks will 'do by far the best' in precious metals and says they would be his first move for any new money he puts into the sector.
• Prefers broad silver exposure over picking one particular company, pointing to vehicles like the SILV and Amplify silver ETFs.
• Expects silver stocks to move up quickly, saying they will 'run real fast here' (as of the June 2026 episode).
• Describes a long-term buy-and-hold approach: he has owned his significant positions 'for the longest time' and is 'rarely a seller'.
• Says that as a large holder his own selling would move the market against him, so he uses index-inclusion events for the extra liquidity when trimming.

Eric Sprott expects silver mining stocks to outperform the precious metals sector and would buy them first as capital flows in. Silver ETFs (funds holding baskets of silver miners) give broad sector exposure, which Sprott prefers over picking a single company. Long-term conviction is central to his strategy: he keeps significant positions for years and is rarely a seller. Index inclusion creates selling liquidity for large holders whose own sales would otherwise pressure the market, Sprott notes.

🚨 Eric Sprott on Silver Supply, Demand & Market Manipulation #shorts

• Top takeaway Sprott asserts that people from very big U.S. banking institutions have gone to jail for manipulating the price of silver, so he sees ongoing manipulation as no surprise.
• He argues the fundamental picture in silver remains strong: industrial demand plus a supply shortage now running into a sixth consecutive year (as of June 2026).
• He claims banks are effectively the only shorts in silver, got totally caught offside, and were losing what he calls gargantuan amounts of money.
• He points to the huge correction in which everyone gets blown out, aided by CME's instantaneous margin rate increases.

Silver has run a supply deficit for six consecutive years, which Sprott argues underpins the metal's strength despite the recent correction. Sprott says people from major United States banking institutions have gone to jail for manipulating the price of silver. He argues banks are effectively the only shorts in COMEX (the main silver futures exchange), so the correction inflicted heavy losses. Rapid exchange margin increases, Sprott contends, amplified the correction and blew out traders already caught on the wrong side.

Eric Sprott's CRITICAL Mid-Year 2026 Warning | Sprott Money

• Top takeaway Eric Sprott says he still has full conviction in gold and silver despite the first-half sell-off (about $4,000 gold and $57.50 silver on the June 24 recording), pointing to debt, currency debasement and a sixth straight year of silver supply deficits as reasons prices will bounce back.
• He argues the January 30 crash — silver down roughly $55-60 in 30 hours — was engineered, citing commercial banks' heavy short positions, repeated CME margin increases, similar interventions in 1980 and 2008, and bankers at big US institutions going to jail for silver manipulation.
• He warns the AI trade is cracking, citing Walmart, Amazon, Meta, Uber, Cisco and reportedly Google cutting AI spending — Uber spent its 2026 AI budget in four months — plus large IPOs and bond issues draining stock market liquidity, and advises staying out of AI-levered trades.
• He expects Asian demand to overwhelm supply, citing 164 tonnes of May gold imports into China (about 2,000 tonnes annualized against roughly 4,000 tonnes of total supply including recycling), Indian demand, and China's July 1 launch of gold bank accounts.
• He says his first new purchases will be silver stocks or silver ETFs, describes himself as a patient long-term holder who rarely sells, and dismisses Bitcoin in favor of gold and silver.

Sprott blames silver's January break — roughly $60 in 30 hours — on banks covering dangerous short positions ahead of massive SLV option expiries. Six straight years of silver deficits and Eastern buying near half of world supply anchor the case that prices recover from this washout. He sees AI budgets breaking at major companies and huge IPO issuance draining liquidity, leaving the stock market's last pillar looking fragile. For new money he prefers silver equities and ETFs, expecting them to run fastest, and names Highcroft's 2.6-billion-ounce resource as his top holding. Highcroft's PEA (preliminary economic assessment) pegged net asset value at $10 billion against a $2.5 billion market price, implying 300% upside.