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Peter Schiff: “Gold Is Being Undermined By The Fantasy Of A US Recovery”

Posted By admin On November 14, 2013 @ 5:56 am In Money Watch | Comments Disabled

Zero Hedge [1]
November 14, 2013

With gold down 10 of the last 11 days (until today), Peter Schiff tells CNBC that this temporary downswing is due to “the fantasy of a US recovery,” that so many actually believe and thus, due to this ‘recovery’ the Fed will taper back its quantitative easing. “It’s not gonna happen,” Schiff explains, “we have a phony recovery,” and the Fed will more likely increase the amount of QE in order to sustain it, “which is very bullish for gold.” Crucially, Schiff clarifies that he “doesn’t think a taper is inevitable,” as many believe, “but an end to QE won’t happen by the Fed’s choice – the market will force them to tread on the brakes as the USD collapses.” As we noted earlier, Schiff also believes there is an attempt to do “whatever it takes” to pull the EUR down [2] to maintain the USD – but as today’s price action shows, it’s not working… “Long-term, the fundamentals have never been better for gold.”

Schiff goes on to explain why he believes Yellen’s first act will be to raise QE…(which she somewhat confirmed after hours in her early pre-released testimony)

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URL to article: http://www.prisonplanet.com/peter-schiff-gold-is-being-undermined-by-the-fantasy-of-a-us-recovery.html

URLs in this post:

[1] Zero Hedge: http://www.zerohedge.com/news/2013-11-13/peter-schiff-gold-being-undermined-fantasy-us-recovery

[2] we noted earlier, Schiff also believes there is an attempt to do “whatever it takes” to pull the EUR down: http://www.zerohedge.com/news/2013-11-13/euro-tumbles-after-ecb-hints-qe-contemplated

[3] Peter Schiff Says Gold to $5,000/ounce and US Market Rally Will Fade: http://www.prisonplanet.com/peter-schiff-says-gold-to-5000ounce-and-us-market-rally-will-fade.html

[4] Gold and Silver: Load the Boat-Back Up the Truck-Peter Schiff: http://www.prisonplanet.com/gold-and-silver-load-the-boat-back-up-the-truck-peter-schiff.html

[5] Peter Schiff Was Right Part Deux: The “Taper” Edition: http://www.prisonplanet.com/peter-schiff-was-right-part-deux-the-taper-edition.html

[6] Peter Schiff on record gold prices: I told you so!: http://www.prisonplanet.com/peter-schiff-on-record-gold-prices-i-told-you-so.html

[7] Peter Schiff Explains What Today’s Global Fed-Funded Bailout Means For The Future: http://www.prisonplanet.com/peter-schiff-explains-what-todays-global-fed-funded-bailout-means-for-the-future.html

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