Gold and Silver: Load the Boat-Back Up the Truck-Peter Schiff
29 Jul 2013
For anyone who sold physical gold in the current precious metal downturn, money manager Peter Schiff says, â€śThereâ€™s going to be a big problem because the gold they sold on the way down isnâ€™t going to be available on the way back up because the people who own it arenâ€™t going to sell it at any price. . . . This is the time to load the boat, to back up the truck.â€ť Schiff is a longtime advocate of precious metals and has taken much criticism in this downturn. Schiff answers his critics by saying, â€śThe people who are always making fun of me every time there is a pullback are the ones that never bought gold in the first place. Even though itâ€™s pulled back, itâ€™s still a lot higher than it was when they first started laughing at me for buying gold.â€ť Talk of a new Fed Chairman to replace Mr. Bernanke will only be bullish for the gold price. Schiff predicts, â€śIf itâ€™s solely based on which Fed Chairman is the most bullish for gold and silver, I would say that would be Janet Yellen. No matter whoâ€™s put in at the Fed, they are going to keep printing because thatâ€™s all they can do.â€ť Schiff warns, â€śTheyâ€™re going to keep printing until we have a currency crisis . . . and that is the most bullish environment for gold. Donâ€™t wait for the crisis to buy because you are not going to like the price.â€ť Join Greg Hunter as he goes One-on-One with Peter Schiff, CEO of Euro Pacific Precious Metals.