Thursday, October 10, 2013

Either Way, Gold Rallies

“The gold market has sold off on anticipation of a taper. But even if the Fed does taper, I think we get a rally… Okay, so the Fed tapered, so what? It’s still got cheap money, it’s still going to keep on coming. Buy gold. So I think gold rallies on a taper, but I think it can have an even bigger rally on a non-taper, as people realize that the taper they baked into this gold cake isn’t going to happen. Instead, we’re getting even more QE. Either way, gold rallies.” - in Europac Metals Blog

Related ETFs: SPDR Gold Trust ETF (GLD), Newmont Mining (NEM), Barrick Gold (ABX), AngloGold (AU), Goldcorp (GG)

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