Sprott: "JPM Losses Already $3-4 bln; Europe's Core Emergency Ongoing Bank Runs; Greece To Re-Default" (and more)

ML-Implode is reporting Eric Sprott's comments from the New York 2012 Hard Assets Conference, going on now. Shorthand of the highlights of Sprott's keynote remarks are below.

• JPM initial loss is really $3B (they are using using after-tax losses trick)
• Word is with subsequent moves in yields, loss has already widened to $4B+
• Greece already back at debt burden from before default saga; will have to default again
• Spain also in dire straits (Portugal also very bad but doesn't have much refunding to do this year)
• Banks cannot raise capital in this market (Unicredit case proves this). BANK CAPITAL RAISING NOT AN OPTION IN GENERAL! (govs must print to support)
• Depositors taking money out of euro banks, that's what has been driving ongoing cash crisis!! (Not making new loans, therefore there would be no need for cash other than capital flight!)
• This is a bank run, just not being called that
• Given cont. gov chaos the gold price cannot stay down
• G8 govt's will have to reneg on vast social support promises
• Needs to be mass repudiation
• China to have Harder landing than expected (look at power generation)
• China's new gold off-take is 20% of world prod.!!
• 2000 tonne marginal annual supply/demand deterioration in gold from 2000-2010
• Where is the gold coming from????
• Central banks must be surreptitiously selling gold
• Silver similar picture but w/o big stockpiles to sell off (so some other means must be used to suppress price)
• New silver prod only 6.5x gold output!!
• When dust clears, gold will be part of official monet. Sys
• Silv. will have major monetary role
• Silver will be the investment of the decade