Tags: Schiff | gold | bullish | 2012

Pete Schiff: Gold’s Rally is Far From Over

Wednesday, 04 Jan 2012 07:46 AM

By Dan Weil

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
Talk that gold’s 11-year rally has ended is overblown, says veteran gold bug Peter Schiff, CEO of Euro Pacific Capital brokerage firm.

Gold gained about 10 percent last year, but it dropped 10 percent in December, making many investors pessimistic about the precious metal.

But Schiff isn’t one of them.
_________________________________________________________

ALERT: Wall Street Whistleblower Warns of Meltdown — See His Uncensored Interview.

_________________________________________________________

“I’m probably more optimistic about gold at the beginning of 2012 than I have been in some time,” he tells Yahoo.

goldbars200.jpg
(Associated Press photo)
While the December swoon caught Schiff by surprise, the flood of negative sentiment makes him bullish.

“We are seeing all sorts of calls by people who have nothing to do with the investment business about how the gold bubble is ready to burst,” Schiff says.

Short positions dominate the gold market now, creating the perfect climate for a rally, Schiff says. “This is a huge wall of worry, which I expect the gold market to climb,” he says. “I expect a very strong year.”

And gold miner shares, which fell while gold prices rose last year, should rebound, Schiff says. “2012 may finally be the year that gold stock investors are rewarded after several years of frustration.”

Some other experts share Schiff’s sentiment on gold mining shares. "Even if you weren't a gold bug, they look like good value investing," Leo Larkin, a metals and mining analyst at S&P Capital IQ, tells TheStreet.com.

He says gold bullion may revisit $1,900 an ounce this year. Gold futures for February delivery climbed 2.2 percent Tuesday to settle at $1,600.50.

© 2014 Moneynews. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

GOP: Raise Minimum Wage, Vote for Common Sense

Thursday, 23 Oct 2014 00:18 AM

Democrats in the Senate, and President Obama, have expressed support for raising the federal minimum wage from $7.25 an  . . .

Ed Royce: 'Are We Doing Enough' to Stop Terror Attacks?

Wednesday, 22 Oct 2014 22:40 PM

Rep. Ed Royce said he thinks laws will be changed in Great Britain and Canada to stop the sort of homegrown terrorist at . . .

Ebola Death Toll Rises to Almost 4,900

Wednesday, 22 Oct 2014 22:28 PM

The number of people with Ebola is set to hit 10,000 in West Africa, the World Health Organization said, as the scramble . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved