Sprott, who earlier this month predicted gold may climb to $2,000 US 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."
Sprott, whose hedge funds and mutual funds mostly invest in energy and metals, said silver was recently "manipulated down" after it fell $6 US in 13 minutes on a Sunday evening when trading was light.
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