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April 16, 2013

Gold: The Sell-Off Is Based On A Couple Of False Narratives

"Right now, we’re dealing with the psychological aspect of the markets, because people see the price of gold going down, so they want to sell.

I think most of the people selling their gold now are probably selling at a loss because they’re probably the people who piled in when it was at $1,600, $1,700 and $1,800. If people think this sell-off is sharp, just wait till you see the rally.

The sell-off is based on a couple of false narratives. The first one is that the U.S. economy is recovering and that the Fed policy worked, and the second is that European banks are going to sell all their gold." - in Investment News

Related ETFs: SPDR Gold Trust ETF (GLD), iShares Silver Trust ETF (SLV)

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.
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