Eric Sprott's Fantastic Gold/Silver Figure
Eric Sprott is reported to have said in a March 16, 2013 King World News Blog (http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/3/16_Eric_Sprott_-_Jim_Sinclair%2C_%2411%2C000_Gold_%26_Skyrocketing_Silver.html)
'Well, the funny part about gold and silver: If you put all of the gold in the world that is above ground and compare it to the known silver above ground, the ratio is 150 times more gold than silver....'
I have pointed out before (http://screwtapefiles.blogspot.com.au/2012/08/so-how-much-silver-is-really-out-there.html) the fallacy in comparing all above ground gold to 'known' amounts of above ground silver, which is basically the amount held in identifiable depositories of 1000 oz LBMA good delivery bars in Warren’s databases.
Let's say that there are 150,000 tones of gold above ground, to keep it simple, which would be a somewhat low but still acceptable consensus amount (As I recall, that figure was actually proposed by Eric Sprott).
If we divide that by 150, we get 1000 tones for Sprott's 'known' above ground Ag, which is also a mere 4,822,650 Troy ounces, but make it 5 million, again to keep it simple..
Identifiable silver held by ETFs, vehicles like Sprott's PSLV, and COMEX depositories is approximately 1,000,000,000 T. oz, once again to keep it simple.
That amount divided by the simplified figure of approximately 5 M T. Oz gives a result of 20 times the total amount of 'known' silver than Sprott says exists.
Of course, there is far more than 1 billion T. Oz of above ground silver, estimated to be at least twenty times more (see also http://screwtapefiles.blogspot.com.au/2012_10_01_archive.html).
So, 20 x 20 = 400, the approximate multiple by which Sprott's figure for the ratio of gold to silver is wide of the mark if you base it on a credible figure for above ground silver in all forms.
Could Sprott possibly be 'talking his own book' once again? Exaggerating by a factor of 400?