Monday, September 30, 2013

Gold: There`s A Strong Probability That We Have In Fact Made A Bottom

"There’s a strong probability that we have in fact made a bottom, and whether we’re going to retest that bottom before going higher is anybody’s guess. But I think we’re going a lot higher. I think we’re going to take out the high of $1,800 or $1,900 set back in 2011. We might not do that in calendar year 2013, but I think we got a good shot of doing it in 2014, and actually adding quite a bit of distance above $1,900 to the upside.

The fundamentals are as strong as ever for gold. A lot of the players that exited the market in the summer of 2013 are going to be getting back in at higher prices. And a lot of the shorts are going to be in a lot of trouble, because they’re going to find it very difficult to buy back these positions that they’ve sold, because a lot of the gold that was sold by speculators on the way down was bought up by long-term holders." - in index Universe

Related stocks and ETFs: Newmont Mining (NEM), Barrick Gold (ABX), AngloGold (AU), Goldcorp (GG), Novagold (NG), Market Vectors Gold Miners ETF (GDX), SPDR Gold Trust ETF (GLD)



Peter David Schiff is an investment broker, author and CEO of Euro Pacific Capital Inc. Schiff is known for his bearish views on the US economy and US dollar, and his bullish views on commodities, foreign stocks and foreign currencies

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