According to Peter Schiff, CEO of Europacific Capital, there is more movement in gold and silver to come. He says the message has been to get out of paper and get into stuff. He believes that gold will also get close to hitting $2,000 before the year end.
October 29, 2011
King World News
With gold, silver and stocks all having big up-moves this week, today King World News interviewed Peter Schiff, CEO of Europacific Capital. Schiff made some great calls recently including the move higher in the euro. When asked about the huge move in gold and silver, Schiff stated, “I think there’s more to come. Look at the technical action in everything, in stocks around the world, in commodities. Look at the price of crude oil and look at the dollar, the dollar is breaking down. I mean we had a huge decline against the Australian dollar, but look at that surge back into the 1.40s on the euro.”
Peter Schiff continues:
“Today the dollar is at an all-time record low against the Japanese Yen. So you have a weak dollar, you have bond prices now headed lower, commodities up, stocks up, kind of across the board. The message is get out of paper, get into stuff and the worst paper is dollars. Even the euro as a currency is moving up against the dollar.
I think we will come pretty close to hitting $2,000 on gold this year. It would be hard for gold not to be above $2,000 in 2012. I really think it would be unlikely that we wouldn’t see prices north of $2,000 next year.
The dollar is headed right back to the lows and I think it will take out the lows. If it does break to new lows, that’s when we might see another crisis because then we might start to see the world questioning the viability of the US economy....
“They may also be questioning the credibility, whatever credibility remains of the Fed. So that could be the next real problem looming on the horizon.”
When asked about silver specifically, Schiff stated, “I like the chart on silver. Silver has a lot of upside here. They really couldn’t get it much below $30, that’s pretty solid support. The only real resistance is up around $50.
We are going to eventually go through $50 so buy it now. I have that special report, before you buy gold or silver from any dealer, go to my website (goldscams.com) and download that special report and make sure you don’t get ripped off.”
Peter Schiff also gave us an update on what he is up to, “I’m down here in New Orleans. If you haven’t seen the youtube videos there’s a lot of youtube’s around now of my trip down to Occupy Wall Street. There’s a lot of good stuff there. There is a lot more footage coming because I was there for hours and hours, so this is just the beginning of it.
There are interesting conversations with the protesters, how they think, what they are saying and how they react to me. So it’s good fun to watch.”
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