Silver Will be a Currency Too, Some Say

By Carolyn Cui
The Wall Street Journal, Monday, May 9, 2011

After silver suffered its worst one-week drubbing in three decades, one of the
biggest silver bulls gave a pep talk to hundreds of followers on Monday. 

"Silver will be a currency just like gold. It's logical to expect silver prices
to go much higher," said Eric Sprott, chief executive officer of Sprott Asset
Management LP, which oversees a $1-billion silver fund that was $327 million
larger at the beginning of last week. 

As for the recent plunge, Mr. Sprott pointed at speculative short-sellers as the
prime culprit, eliciting applause from the crowd of nervous believers. Silver
skidded 27% last week, but poor man's gold leaped 5.2% today, underscoring its
rodeo-like allure. 

Mr. Sprott, a big advocate for precious metals, trotted out familiar themes to
back up his points: the Federal Reserve's loose monetary policies, relentless
bank failures, and the fragile housing market.
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