A lot of these gold stocks are trading at levels they were trading at in 2003. You are talking about nine years ago, when gold was at $400. So there is tremendous value here. Right now you just have massive capitulation on the part of people who have been holding on to these stocks. They are throwing in the towel. But we will have a huge rally at some point, and you’ve got to be positioned for it.
I think these stocks can go up more than 100% in one year, especially if gold rallies from here. What if gold goes on and makes another high above $2,000 an ounce? What if it gets to $2,500 an ounce? These stocks have a long way to go just to get back to when gold was $1,000 an ounce.
Related: Newmont Mining (NEM), Barrick Gold (ABX), Goldcorp (GG), Novagold (NG)
Peter Schiff`s comments on the economy, stock markets, politics and gold.
Schiff is the renowned writer of the bestseller Crash Proof: How to Profit from the Coming Economic Collapse.
