Is Now the Time to Sell Gold? (Video)

In his latest exclusive video on the gold market, Peter Schiff answers the question on everybody’s mind: “Where is the bottom in gold and is it time to sell?” Peter explains how speculative money drove the current decline in the price and why the strong fundamentals of gold indicate the price may rise even faster than it has fallen.

“If [gold] does [drop to $1,000], I don’t think it’s going to stay there very long. I think the price is going much higher. Not only than where it is now, but higher than $1,900, which was the peak of this recent move. I think this decline is being driven entirely by speculators.”

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25 Responses to Is Now the Time to Sell Gold? (Video)

  1. reich, e. says:

    spot on!

  2. Terence says:

    Peter, I am not sure your argument holds water. I don’t like it because it assumes the COMEX traders are blind & stupid. I have a simpler (KISS) explanation. The traders see exactly what you see, so they are dumping paper and buying physical driving down the price. What do you think?

    • mikey says:

      Good point. Word out there is paper’s worthless and what we want to solid physical gold. It’s happening in China, India, Russia and most asian countries. People are just buying the physical up.

      • b.c. goodwin says:

        If people are just ‘buying up the physical’ the price would be going up, not down.

  3. Robbie777 says:

    Bought some more gold and silver today, not a lot, but i always try to average costs out. Who knows, it could still go further down, just keeping some powder dry.

  4. Michael E McDuffee says:

    For anyone who believes the fear tactics and in what the nay sayers are regurgitating, Are falling right into their trap. I know I won’t fall for it and I hope others will not either.

  5. Russell Kell says:

    Good Presentation of a contrary view relative to what is generally available from the media, and an important voice to ensure a diversified portfolio.

  6. Ken James says:

    If you think Bernanke can pull this recovery off by simply adding to more Q E, think again. It’s been tried in the former Rhodesia, now Zimbabwe, and it killed the entire private sector of the economy. I own a one hundred trillion dollar Zimbabwe note issued by the government in 2008. At the time of issuance, this note could purchase a total of three (3) eggs.

  7. Skerrako says:

    Mr. Schiff I hope you realize that what you said here goes for silver probably 50% more. Silver is where the money making potential is right now. Gold will be fine, it always is. Silver is the roller coaster in times like this, with China and other growing economies slowing down there will be a prolonged drag on it. What I’m saying is that it looks like it will stay down longer than gold, and then surge after it. Near parobolic by some calculations.

    Robbie, you dont keep “powder dry” you keep “dry powder”. it just doesn’t work the other way lol

  8. John Nitrox says:

    The Fed just pumps out paper in different forms. The value of gold is fixed long term and the curious question is what you can get for an ounce of gold in terms of dollars. I think everyone knows that the Fed is not going to quit bastardizing the currency any more than the federal government is going to quit deficit spending, so gold will be going up.

    It’s not even that hard to figure out what gold is worth in terms of the dollars. Sometimes gold sells for more than it’s worth in dollars, but usually gold is available at a sizable discount. Gold has a fixed value; it doesn’t go up and it doesn’t go down; the best you can go is buy it cheap and sell it high. If you make it 10% of your portfolio, then just buy more when it’s less than 10% and sell a little when it’s over 10%, and don’t listen to the advisors (except maybe Schiff).

  9. Caryn says:

    what make you so confident Gold will reverse up and rocket high again ? India is slow now, China not buying now … who will still buy gold ?

  10. David says:

    I bought gold coins off ebay a couple of years ago when prices were more than now. I decided to buy US gold from the 1800’s and early 1900’s, which are collector coins, because (unless they were rare) they were selling at a small premium above spot, and I figured they had collector value, and might hold up better in the event of a downturn. I was just looking at this type of coin on ebay, and was pleased to see that the price has held up better than I’d expected, and is now down to around 1550 or 1600 an ounce for 20.00 pieces, and more percentagewise for the smaller denominations, and the rare issues are also holding up quite well. So you can own a piece of history and have an investment that holds its value better than bullion or bullion coins.

  11. Chris K says:

    Get serious, Peter Schiff. The decline is not being driven by “speculators.” It’s being driven by the government and its bullion banks. Speculators don’t sell huge amounts in the wee hours when markets are at low levels. Why is it so hard to face the facts? “Markets,” especially gold and silver “markets,” are heavily manipulated. Trying to explain things assuming a free markets is absurd today. Face up.

  12. bob groth says:

    I hope it goes down some more I have bought $6800 worth of silver in last several months want to buy more getting harder to get

  13. Joe says:

    I do not think so. I think we are in for one hell of a ride given the large price decline. And I would’nt be surprised to see a complete capitulation before this turns around. Maybe we are there, maybe not but, my fear is the turmoil that follows.
    A massive run up in the price will have us far more concerned with political, social, and financial issues than would be the gains we all see. Thats my fear.

  14. Brian says:

    Have you not been saying this for years? All I hear is talk talk talk from people who make money not on gold but selling people gold, newsletters , books, courses, etc, etc, etc.

  15. Barbara Zimmerman says:

    It’s the Weymer Republic, with QE printing press here. That didn’t work in Germany, and we add global economic/currency problems now. I agree with your assessment but hard staying the course in the interim! You seem to favor owning physical gold over mining stocks.

  16. nana jones says:

    Dear Mr. Schiff… If gold has such a bright future why dont you just hoard your gold instead of selling it for silly fiat dollars. Can you explain it?

  17. Walter says:

    One just has to remember that when the conventional wisdom (i.e., the mainstream “experts”) tells you to sell, you should think about buying, and when they tell you to buy, you should think about selling. Sure, sometimes it takes nerves of steel (gold) to run against the tide of the hordes, but the hordes are typically stupid and reactionary and, in the end, will only be culled like the sheep that they are.

    • tim zamp says:

      We need a CRASH so I can DOUBBLE DOWN again..the market ,goverment and wall street are all fixed.

  18. Stan says:

    Peter, don’t forget what Goldman Sachs did. No different than what NIA did.

  19. tim zamp says:

    RIGHT ON..I take a few news letters and the say the SAME

  20. Ed Wiest says:

    I agree 100% with Peter’s assessment of the situation. The fact is our dollar is being devalued by the mere fact it’s being created at an outrageous clip to keep up with an out of control government. We have entered the dreaded catch-22 our forefathers tried to prevent in the founding documentation of America. Now, we walk the plank ever so slowly. I would say we have reached the final few steps with the now obvious bond bubble that’s began to hiss. America has been fooling itself with rates of zero on it’s 17 trillion$ short term obligation and will implode when rates skyrocket. This will unleash a failure that will make 08 look like a teenagers bounced check being returned for insufficient funds. The economic Sovereignty of America will be lost and the only thing Americas will have to fall back on will be precious metals. God help those who failed to prepare.

  21. Lee says:

    I just want to respectfully suggest that what is happening to gold is just part of a much larger picture. I agree that physical gold is being accumulated but I believe that it is because of what is just beyond the horizon relative to our economy that is prompting the activity. The Fed, J.P Morgan, Goldman, and the other “insider” entities that have been serving as depositories of all the junk residential and commercial backed securities are now preparing to unload all these toxic assets back into the hands of community banks and unsuspecting “privileged” investors. Once that is completed, interest rates will begin to rise and the entire real estate industry, and our economy, are going to tank. It’s anyone’s guess what will happen next…I only know that it won’t pleasant!