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Turmoil in global credit markets may lead to the collapse of a North American bank, pushing bullion prices up to $2,000 an ounce as investors seek a haven in gold, Eric Sprott said.

``We're in a systemic financial meltdown,'' Sprott said in a March 6 interview at the company's Toronto headquarters. ``There are probably 10 companies that are broke that are still trading -- banks and financial institutions.''

Sprott, who in 2004 foresaw uranium and crude-oil prices rising, expects the global financial system will come under increased stress as banks, faced with slipping stock prices and capital erosion tied to subprime-mortgage loans, battle to raise money to offset losses caused by asset writedowns.

``Government bonds are a joke at the interest they're paying,'' Sprott said. ``You can buy gold, or other real things: gold, silver, platinum, palladium, things that hold value.''

Zdroj: MM

13.03.2008

"In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value."   Alan Greenspan