Tags: Schiff | gold | dollar | euro

Peter Schiff Remains Bullish on Gold, Bearish on Dollar

By    |   Friday, 11 July 2014 10:45 AM

Peter Schiff, CEO of Euro Pacific Capital, has said for months that continued massive easing by the Federal Reserve will boost gold and depress the dollar. And he's sticking to his guns.

Gold has strengthened despite last week's strong U.S. jobs report, he tells CNBC. The precious metal hit a 16-week high Thursday amid concern over a Portuguese bank's decision to delay debt payments and falling U.S. stock prices.

August gold futures settled at $1,339.20 an ounce on the Comex Thursday, up $14.90 from Wednesday.

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"We're putting in a very formidable bottom," Schiff states.

"We still have all of the naysayers — Goldman Sachs, Societe Generale — calling for $1,100, $1,000. They're just as bearish as they were at the beginning of the year, despite the fact that they've been wrong for six months. I think the technical picture is improving rapidly for gold."

Schiff has predicted in the past that gold will reach $3,000.

On the currency front, "I think the dollar has much further to go down relative to the euro. As bad as things are in euroland, they're worse in the United States," he argues.

"And I think we are going to push the envelope much farther than the Europeans. . . . The Fed will do nothing to contain inflation. That is not going to be the case in Europe."

The euro has traded between about $1.35 and $1.39 for the last six months.

As for gold, "[it] has been trending higher for a while now," James Steel, metals analyst at HSBC, tells Reuters. "There aren't too many sellers to stand in the way, with the geopolitical crises of the Middle East and Europe and the Fed's insistence that higher U.S. rates are still way off."

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Peter Schiff, CEO of Euro Pacific Capital, has said for months that continued massive easing by the Federal Reserve will boost gold and depress the dollar. And he's sticking to his guns.
Schiff, gold, dollar, euro
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2014-45-11
Friday, 11 July 2014 10:45 AM
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