July 29, 2013
For anyone who sold physical gold in the current precious metal downturn, money manager Peter Schiff says, “There’s going to be a big problem because the gold they sold on the way down isn’t going to be available on the way back up because the people who own it aren’t going to sell it at any price. . . . This is the time to load the boat, to back up the truck.” Schiff is a longtime advocate of precious metals and has taken much criticism in this downturn. Schiff answers his critics by saying,“The people who are always making fun of me every time there is a pullback are the ones that never bought gold in the first place. Even though it’s pulled back, it’s still a lot higher than it was when they first started laughing at me for buying gold.” Talk of a new Fed Chairman to replace Mr. Bernanke will only be bullish for the gold price. Schiff predicts, “If it’s solely based on which Fed Chairman is the most bullish for gold and silver, I would say that would be Janet Yellen. No matter who’s put in at the Fed, they are going to keep printing because that’s all they can do.” Schiff warns, “They’re going to keep printing until we have a currency crisis . . . and that is the most bullish environment for gold. Don’t wait for the crisis to buy because you are not going to like the price.” Join Greg Hunter as he goes One-on-One with Peter Schiff, CEO of Euro Pacific Precious Metals.