Gold and silver should be trading at much higher levels when compared with historical prices, said Bill Murphy, Director of the Gold Anti-Trust Action Committee.
“Two of the markets that should be on fire are gold and silver,” Murphy told Kitco News on the sidelines of the Vancouver Resource Investment Conference, “when you look at where we were six, seven years ago, it’s nothing, and silver at $17 [an ounce] is one third of where it was 38 years ago at its high.”
Murphy said that the “gold cartel” is to blame for keeping prices at current levels. “Open interest has gone up at an unprecedented rate in the Comex,” he said, “the gold cartel is doing everything they can do stop the price.”
Murphy said that the precious metals space is going to have a spectacular year, and a lot of money is going to come into the sector.“When [silver] gets above $21 [an ounce], it will actually trade like bitcoin, and it will go bonkers.”
Speaking on bitcoin, Murphy said that bitcoin traders are taking some of their profits and putting them into gold and silver. “Some of that money is already coming back into precious metals,” he said.
- Source, Kitco News
