KING WORLD NEWS - BLOG
BROADCAST../../../../Broadcast/Broadcast.html../../../../Broadcast/Broadcast.htmlshapeimage_6_link_0
HOME../../../../King_World_News.html../../../../King_World_News.htmlshapeimage_13_link_0
BUSINESS../../../../Business.html../../../../Business.htmlshapeimage_14_link_0
GREEN../../../../Green.html../../../../Green.htmlshapeimage_15_link_0
HEALTH../../../../Health_1.html../../../../Health_1.htmlshapeimage_16_link_0
ENERGY../../../../Energy.html../../../../Energy.htmlshapeimage_17_link_0
SPORTS../../../../Sports.html../../../../Sports.htmlshapeimage_18_link_0
GOLD+../../../../Gold.html../../../../Gold.htmlshapeimage_21_link_0
 
 

When asked about the Mexican central bank purchase of 100 tons of gold Schiff replied, “What surprises me is that more central banks aren’t buying even more gold.  Central banks are loaded up with depreciating dollars, they need to buy gold instead.   The crazy thing is that I’m even hearing talk about the US selling its gold to help fund its debts.  That would be the worst thing we could do.  The last thing we would want to sell is our gold, I mean if we sold that then that would be it, we would have nothing.  The dollar would just become complete confetti.” 


When asked about silver specifically Schiff stated, “Remember it went up to $50 from $30 almost as fast as it came down.  I think if you just take a look at the long-term trajectory it’s still a big bull market.  I think that $50 high is not going to hold...We are going to take that ($50 high) out and move a lot higher.  We are suckering a lot of new short sellers into the market as people are comparing it to a bubble now or 1980, the Hunt Brothers.  I don’t think what we’ve had so far is anywhere close to what happened in 1980.  We might get to that point at some time in the future, but we’re not there yet.  


We’ve created sufficient nervousness and anxiety in the market and enough shorts that we should have a nice wall of worry that we can climb, and ultimately a pretty good short covering rally.  I think a lot of the people who have shorted this selloff in silver are going to lose a lot of money...We could have a dollar crisis as early as this fall and if we are having a dollar crisis then I would be expecting silver prices to be making new highs.”


Regarding mining shares Schiff had this to say, “A lot of these juniors are lower than they were five years ago, some of them are lower than they were ten years ago.  You wouldn’t even know that we are in a bull market in gold, you’d think it was still a bear market.  I own a lot of them and not a single one of them has ever split.  To me it doesn’t sound like a bull market when you don’t have any of your stocks splitting and I’ve owned them for ten years.  You remember the internet stocks, I mean there were internet stocks splitting every week.  There’s no bubble activity going on in these mining stocks, hardly anybody owns them.”  


The KWN audio interview with Peter Schiff will be released shortly and you can listen by CLICKING HERE.   


© 2011 by King World News®. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.  However, linking directly to the blog page is permitted and encouraged.



Eric King

KingWorldNews.com

To return to BLOG click here.


http://www.kingworldnews.com/kingworldnews/Broadcast/Broadcast.html
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/KWN_DailyWeb.html
KWN BLOGhttp://kingworldnews.com/kingworldnews/KWN_DailyWeb/KWN_DailyWeb.htmlhttp://kingworldnews.com/kingworldnews/KWN_DailyWeb/KWN_DailyWeb.htmlhttp://kingworldnews.com/kingworldnews/KWN_DailyWeb/KWN_DailyWeb.htmlshapeimage_26_link_0shapeimage_26_link_1

© 2011 by King World News®. All Rights Reserved. This material may not be published, broadcast,

rewritten, or redistributed.  However, linking directly to the blog page is permitted and encouraged.

Subscribe to RSS
CLICK HEREhttp://kingworldnews.com/kingworldnews/KWN_DailyWeb/rss.xmlhttp://kingworldnews.com/kingworldnews/KWN_DailyWeb/rss.xmlhttp://kingworldnews.com/kingworldnews/KWN_DailyWeb/rss.xmlshapeimage_29_link_0shapeimage_29_link_1
KWN Blog
Archiveshttp://kingworldnews.com/kingworldnews/KWN_DailyWeb/Archive.htmlhttp://kingworldnews.com/kingworldnews/KWN_DailyWeb/Archive.htmlhttp://kingworldnews.com/kingworldnews/KWN_DailyWeb/Archive.htmlshapeimage_30_link_0shapeimage_30_link_1