On Friday, Peter Schiff was interviewed on GoldSeek Radio about his latest commentary comparing the current correction in the gold price to gold’s bull market in the mid-1970s. They go on to speak about the supposed economic recovery, the latest jobs numbers, the Fed’s inevitable continuation of QE, and the possibility of gold market manipulation.
“The fundamental narrative behind this [downward] move [in gold] is wrong. What’s giving the shorts the motivation to sell is a number of false beliefs. One, that the US economy is recovering. It’s not. Two, that inflation isn’t a problem. But it is. And three, that the Fed’s about to tighten. When they’re not! So I think everything the market is anticipating is wrong. And therefore their expectations of a lower gold price are based on assumptions that are all wrong. When they figure that out…I think the price goes way up.”
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Dear Peter,
I fear it will take such a long time that many Gold investors (not the rich ones) will have to sell. Only then will the price go up. You know the spelling: ‘When people have nothing left to lose, and they’ve lost everything, they lose it’. That’s what will happen first!