One theory: Sprott according to Bloomberg Brief said the “ultimate event” is that savers will take their money out of banks and
invest in precious metals such as gold, which he says is now the world’s reserve currency.
Sprott, who earlier this month predicted gold may climb to $2,000 an ounce before year’s end, said he started buying the metal in 2000.
“If you’re in Ireland today, you don’t have any money in banks, particularly if you’re
non-Irish,” he said. “If you’re in Greece you’re taking your money out. In Portugal you probably have concerns. If you have a fear of the banking system, you go to things like #gold.”