Wednesday, September 9, 2009

Schiff on the Dollar Gold and Silver Inflation and China

The Chinese government is encouraging its citizens to buy gold and silver

Peter Schiff "we are in a major Bull Market I think we are going a lot higher. The spot price of gold is still below 1,000 and I think you got the futures markets going above 1,000. But if you look at the ETF GLD, SPDR Gold Trust (ETF) its at 980 and in March of last year it briefly traded above a thousand.I think we are going through a 1,000 (...) we are going to have gold 2,000, gold 3,000, gold 4,000. Everytime it hits another milestone we are going to have another party." and he added that Gold prices may continue to rally to $2000 $3000 $4000 an ounce , "They all think there's no inflation," Schiff says. "They think gold must be going up for some other reason or that there’s no problem with the American economy.” Peter Schiff of Euro Pacific Capital said early on Fox Business channel

“If you’re buying gold because you think the dollar’s going to lose value, you’re buying it as an inflation hedge.”

The Chinese government, Peter Schiff pointed out, is encouraging its citizens to buy gold and silver because officials know the value of these precious metals will rise. “They know they’re going to try and get rid of the dollar, which means gold and silver have to go up and they want their citizens to have real money.”

“It’s unfortunate our politicians and central bankers haven’t figured it out.” shiff added

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