Wednesday, April 23, 2014

Gold: The Rally Will Gather Momentum As The Year Progresses

All of the gold that the speculators unloaded in the second half of 2013 has been bought by entities that have no intention of ever selling it. Once the market turns around and probably it has already bottomed, we are surprising everybody with the rally thus far in 2014, which I think it will gather momentum as the year progresses, especially when we get more of the economic data coming out this spring which does not show an improvement over the winter. In fact it may even continue to deteriorate because everybody has been dismissing all the bad news as if it was solely related to the cold weather.   

Related ETFs: SPDR Gold Trust ETF (GLD), Market Vectors Gold Miners ETF (GDX)

Peter Schiff is a well-known commentator appearing regularly on CNBC, TechTicker and FoxNews. He is often referred to as "Doctor Doom" because of his bearish outlook on the economy and the U.S. Dollar in particular. Peter was one of the first from within the professional investment field to call the housing market a bubble. Peter has written a book called "Crash Proof" and a follow-on called "The Little Book of Bull Moves in Bear Markets". He is the President of EuroPacific Capital, which is a brokerage specializing in finding dividend-yielding, value-based foreign stocks.

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