Peter Schiff : All summer long I have been forecasting that the prices of both gold and silver would break out. I have been urging clients not to wait until the breakout occurred, but to buy in anticipation of that breakout while prices were lower.
I think that opportunity has now passed. But we still have an opportunity to buy now, while the breakout is still early in its process.
I think the lows are clearly in for both, gold and silver. I think now that we have broken out the time to buy cheap will soon be gone.
I don’t want people who have already hesitated to hesitate any longer… …
I think the catalyst for that move, I believe, was the Federal Open Market Committee minutes that came out earlier this week, that put QE 3 – that’s quantitative easing or basically money printing and debt monetization – it put that right back on the table in the minds of a lot of people.
In my mind, QE 3 was never off the table. I always knew it was a sure thing. It was just a matter of time. But now the Fed came out and surprised a lot of people with its language. It basically said, ‘if we don’t get evidence soon of a sustainable increase in the economy, we’re going to have to take action.’ And of course, the only tool in it’s arsenal is to print money and buy bonds and try to goose the economy with the same monetary stimulus that create the problem. …
Those of you who didn’t buy before the breakout, it’s not to late to buy. The prices are not quite as cheap as they were a week ago or a month ago, but I believe they’re a lot cheaper than they will be a month from now, six months from now, a year from now as more and more investors realize that the recovery was an illusion. It was simply an artificial high created from stimulus and that more stimulus is coming. More investors are going to flock to gold. Click here to watch the full Peter Schiff Video Blog >>>>>>
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