Peter Schiff: “When People Realize Where All This Gold Is Going—There Will Be A Scramble To Buy It Back”
By Tekoa Da Silva
April 12, 2013
I had the opportunity this afternoon to connect with Peter Schiff, CEO and Chief Global Strategist of Euro Pacific Capital. It was a fascinating conversation, which took place while gold was absolutely collapsing.
During the interview, Peter explained that today’s sell-off, triggered by a Goldman Sachs sell recommendation was based on the “false idea” of European Central Bank gold sales hitting the market. Instead he explained, gold is preparing its move “from weak hands to strong hands”, before heading to new all-time highs.
When asked his thoughts on the complete panic in the market this afternoon, Peter commented that, ”Gold had [previously] sold-off on false anticipation of [economic] recovery bringing an early end to QE. But when Goldman Sachs came out with the sell recommendation…sentiment was already negative…so I think there’s a lot of stops being hit [right now]…[However], the lower prices will create an opportunity for buyers…wanting to accumulate large positions without moving the market. The only way to do that, is to have a lot of selling…Goldman Sachs certainly could have done a lot of favors for people interested in accumulating gold, because now you’ve got the selling that makes [it] possible.”