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September 15, 2013

Gold: There`s A Strong Probability That We Have In Fact Made A Bottom

"There’s a strong probability that we have in fact made a bottom, and whether we’re going to retest that bottom before going higher is anybody’s guess. But I think we’re going a lot higher. I think we’re going to take out the high of $1,800 or $1,900 set back in 2011. We might not do that in calendar year 2013, but I think we got a good shot of doing it in 2014, and actually adding quite a bit of distance above $1,900 to the upside.

The fundamentals are as strong as ever for gold. A lot of the players that exited the market in the summer of 2013 are going to be getting back in at higher prices. And a lot of the shorts are going to be in a lot of trouble, because they’re going to find it very difficult to buy back these positions that they’ve sold, because a lot of the gold that was sold by speculators on the way down was bought up by long-term holders." - in index Universe

Related stocks and ETFs: Newmont Mining (NEM), Barrick Gold (ABX), AngloGold (AU), Goldcorp (GG), Novagold (NG), Market Vectors Gold Miners ETF (GDX), SPDR Gold Trust ETF (GLD)

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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