Peter Schiff: “When People Realize Where All This Gold Is Going—There Will Be A Scramble To Buy It Back”
“BullMarketThinking.com”
I had the opportunity this afternoon to connect with Peter Schiff, CEO and Chief Global Strategist of Euro Pacific Capital. It was a fascinating conversation, which took place while gold was absolutely collapsing.
During the interview, Peter explained that today’s sell-off, triggered by a Goldman Sachs sell recommendation was based on the “false idea” of European Central Bank gold sales hitting the market. Instead he explained, gold is preparing its move “from weak hands to strong hands”, before heading to new all-time highs.
When asked his thoughts on the complete panic in the market this afternoon, Peter commented that, ”Gold had [previously] sold-off on false anticipation of [economic] recovery bringing an early end to QE. But when Goldman Sachs came out with the sell recommendation…sentiment was already negative…so I think there’s a lot of stops being hit [right now]…[However], the lower prices will create an opportunity for buyers…wanting to accumulate large positions without moving the market. The only way to do that, is to have a lot of selling...Goldman Sachs certainly could have done a lot of favors for people interested in accumulating gold, because now you’ve got the selling that makes [it] possible.”
With respect to Cyprus’ selling of its gold reserves, Peter said that,“The European community is trying to force Cyprus to sell-off its gold…and now you have the anticipation that other highly-indebted European nations like Greece, Spain, Portugal, and Italy, that [all] have lots of gold, [will have to do the same]. Portugal has I think 90% of it’s reserves in gold—that’s about the highest in the world…[So] these countries [being] forced to sell their gold has really [spooked] the market, and people are selling in anticipation of this avalanche of selling by European central banks…[but] that’s a false idea…The reality is none of that gold is going to be sold into the ‘market’…[because]the ‘buyers’ will be other central banks.”
“BullMarketThinking.com”
2013-04-12 14:38:07
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Whistler Blowers, Insiders
And if the “other central banks” don’t want it, the Chinese will take as much as they can get at $1500 per ounce.
There is no thing to buy.
whether its tin or palladium, the Rothschild syndicate controls gold corruption as they do the DJIA. nothing has inherent price but what THEY decree it to have. that is the real message they are trying to send. complete and total domination of the world economy
Our Abaddon’s of the global financial sphere would never do such an evil thing…What they do is many, many orders of magnitude worse.
I’m buying more come payday.
I think within the next two years, gold will be under $500 and silver under $5. I’ve been saying this since 2011 when I sold all my gold, silver, and mining shares. I originally bought into gold and silver in 2001 and rode it to just a little before the top.
The stock market is the place to be until very early 2014. I don’t care which way markets go as long as I am positioned to make money. Some of these “advisers” just are on one side of a market and can’t seem to see the change in the tide. I use computer modeling to make my choices.
It seems that the central banks are the problem in every country that has them, or is influenced by them. Gold goes up and it goes down, but ultimately it always goes up. It is the most stable long term investment anyone with extra cash can make without taking a risk. I say buy when the price is low, but make sure it is tangible and delivered to your safe house. Paper gold is just as worthless as paper money.