By: Julie Crawshaw
(MoneyNews.com) Sprott Asset Management CEO Eric Sprott is very long on gold and not very optimistic about cyclical metals like copper.
“Gold looks better today than it ever did before,” Sprott says, because of ongoing sovereign debt concerns in Greece and other "PIIGS" nations — Portugal, Italy, Ireland, Greece and Spain — as well as easy monetary policies across the globe.
“Some of the smartest investors in the world” are bullish on gold, the Canadian hedge fund manager says.
Tuesday, Gold for June delivery jumped $8.20 to settle at $1,162.20 an ounce on the Comex division of the New York Mercantile Exchange.
Meanwhile, “I still have a deep, deep concern over leverage in the banking system,” Sprott said, noting the inability of governments who are spending vast amounts of money to generate much growth in GDP.
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