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General Market Commentary
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General Precious Metals
Gold, silver investing legend Eric Sprott on junior mining spree
The gold price has now been camped out above $1,400 an ounce for a month, and silver has finally come alive above $16 per ounce, but legendary mining financier Eric Sprott had already kicked off a major junior investment spree when the metals were significantly cheaper than they are today.
The Canadian billionaire investor – also a pioneer in the gold-backed ETF industry – has splashed more than C$139 million on 16 gold and silver explorers (and some nickel on the side) since May, according to junior mining finance authority Oreninc. $127m of the total found its way to Canada-domiciled companies.
Sprott uses a company called 2176423 Ontario to play the space and was able to flash the cash thanks in part to a divestment from Kirkland Lake Gold, (TSX:KL) (NYSE:KL) where he was chairman until recently.