By Otto Rock
…in a shocking development, it turns out to be the way IKN described it, not the BS and nonsense waved at you by Palisade and the other paid pushers.
Eric Sprott does this September 25th Youtube interview and it’s all good fun (ty reader D for the hesds-up), but to get to the point move to minute 2:40 and listen to this. The subject is the Australian Pilbara (Novo Resources etc) and here the transcript of what he has to say (author’s bold type):
“Well it’s very interesting that you know, I can’t imagine that Canadians are greater punters than Australians are, but one of the interesting things I’ve found with the Pilbara is that there’s this potential to have, and I’m not saying we have, but potential of billions of ounces, if you believe in the precipitation theory and it’s throughout the whole Pilbara like it could be a very very large…world’s largest or second largest rivaling Witwatersrand type of discovery. And maybe we’re just more risk takers but we’ve been involved with the gold mining sector probably more than any other country, investors in Canada, so that kind of possible fairy tale answer is something we’re always looking for, and there’s lots of potential there with any of those companies that they could find the nest big one and lots of people in Canada are prepared to invest on the basis that, you know ‘you put up X and if you’re right you make ten times X and if you lose X well that’s fine, that’s just part of the game here’, so we’re prepared to do that.”
Compare that to this IKN post dated September 1st which starts like this:
Unlike those who think that he’s some sort of infallible machine who never gets them wrong, I understand how Eric Sprott approaches the exploreco market. He knows he’s going to bet on losers along the way and has done so on umpteen occasions, he also knows that it only takes one massive winner among a bunch of positions to justify the strategy and come out on top.
And finishes like this:
Those of you under the impression that following Eric S into a trade is some sort of mystic formula for guaranteed gains ought to check further, do more DD, see for yourself. He backs failures A LOT of the time (seriously, go look), the difference is that when he nails a winner he makes an equal capslock A LOT of money (e.g. at least $300m in Kirkland Lake). However, anyone that gives you the “Eric is long so this is a winner” spiel does not know what they’re talking about.
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