Chris Waltzek interviewed Peter Schiff on GoldSeek Radio last week. They began by discussing how the European Central Bank’s interest rate cut will influence the price of gold. They moved on to address the rising cost of living, Asian gold consumption, technical indicators of gold’s bottom, gold repatriation, buying precious metals with bitcoin, and much more.
“I think going into the second half of the year, people are going to be surprised by how weak the economy is… Yellen’s going to come back screaming for more QE. The gold market has to take off sometime between now and then… I think the problem that the traders are going to have is buying back the gold they sold… A lot of the gold that was dumped into the marketplace since the middle of last year is now very deep in some Chinese vault… It’s not coming back to the market. The people who bought gold at $1,300 or $1,400 – they ain’t selling it. They bought it to keep it, not to trade it.”
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