INTERVIEW WITH IZZY FRIEDMAN
Q: Ted Butler calls you his mentor. How did you get interested in silver?
A: I went to India and saw how many people wanted silver. I started buying it in 1976, 1977 and 1988 at an average of $4.75. I sold it in 1980 at $39.75.
Q: Then you met Ted. What did you tell him?
A: The silver market made no sense.
Q: He’s made a case that the regulators are investigating. Will they crack down?
A: I don’t count on that.
Q: Still you are bullish on silver?
A: Of course, but I don’t see that as important.
Q: What is most important?
A: I see a strong possibility of a shortage.
Q: What if we don’t get a shortage but the regulators do put in position limits?
A: Maybe $100 to $150 on silver. Maximum $250.
Q: That’s pretty good.
A: Nothing like the price in a shortage.
Q: How do you mean?
A: A shortage is very peculiar.
Q: In what respect?
A: The price explodes quite suddenly.
Q: Any examples?
A: I was in the diamond cutting business. I had 200 employees. One day De Beers only delivered 25% of normal to the diamond cutters. The price went up 200% in one day.
Q: You think that will happen in silver?
A: The chances of a silver shortage are at least 60%. When that happens silver will go up $100 in a day.
Q: How high can silver go?
A: Silver will fly like a rocket. It will no longer be the poor man’s gold.
Q: How so?
A: The price of silver will equal gold. It will reach a price you can never imagine. You will be surprised when silver exceeds the price of gold.
Q: This is caused by worldwide demand?
A: Yes, the Asians are going to buy everything of value.
Q: What should people be buying?
A: Money in the bank brings very little interest income. They should buy Silver Eagles. When the price goes as high as I say, it will be easier to sell one-ounce.
Q: I’d imagine the government would try to stop the price explosion you suggest. Can they?
A: No one in the world will have the power to stop it.