Why Eric Sprott Put 98% of his Wealth in Gold and Silver

Sprott buys gold because he has a specific view about governments.

May 14, 2026

Gold has had one of the greatest two-year runs in its history and the man who saw it coming says it’s just getting started.

Eric Sprott, 81, was at his vacation rental in San Jose, Costa Rica in late January when Forbes checked in with him. This was right around the same time that silver had hit its all-time high of $100 an ounce, and Sprott wasn’t impressed.

“I’m not a geologist — I know nothing about rocks, but I know about numbers...if the reward’s a big reward I can afford to lose,” he told Forbes (1). “I think the prices are going much higher, quite frankly. I think silver can easily go to $200, even $300. I think gold could go to $10,000.”

Days later, silver dropped to $76 and gold had pulled back below $5,000, but Sprott was still unfazed.

Such equanimity is easier when you’ve spent four decades being right about precious metals. Eric Sprott doesn’t claim to be a geologist, even after decades of success in the mining sector. When asked how he finds the next billion-dollar play, he keeps it simple: “Numbers took me there, numbers. You don’t have to be a geologist (3).”