Gold 2014 Half-Time Report

By: Peter Schiff | Thu, Jul 10, 2014
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Highlights:

1:00 - Gold's rise has confounded Wall Street banks that advised their clients to sell in expectation of a big correction.

1:40 - Even though the financial media has focused on the Dow breaking 17,000, gold has actually outperformed the Dow this year.

2:10 - Mainstream forecasters have bought into the narrative of a genuine US economic recovery and the ability of the Fed to effectively withdraw its monetary stimulus. In fact, the economy is not recovering and will relapse into recession, perhaps beginning in the second half of 2014.

3:17 - The price of gold is putting in a bottom, supported by the mining stocks. They led the market down in 2013, and are now leading it up.

4:15 - There is going to be a short squeeze as gold sellers try to buy back their positions when they realize the economy is not recovering.

5:30 - Even though the Fed's own inflation measure has passed its target of 2%, Janet Yellen continues to claim inflation is under control.

 


 

Peter Schiff

Author: Peter Schiff

Peter Schiff, CEO
Euro Pacific Precious Metals

Peter Schiff

Peter Schiff is an internationally recognized economist specializing in the foreign equity, currency and gold markets. Mr. Schiff made his name as President and Chief Global Strategist of Euro Pacific Capital. He frequently delivers lectures at major economic and investment conferences, and is quoted often in the print media, including the Wall Street Journal, New York Times, L.A. Times, Barron's, BusinessWeek, Time and Fortune. His broadcast credits include regular guest appearances on CNBC, Fox Business, CNN, MSNBC, and Fox News Channel, as well as hosting his own weekly radio show, Wall Street Unspun. He is also the author of the bestselling books: "Crash Proof," "The Little Book of Bull Moves in Bear Markets," and the recently released: "Crash Proof 2.0: How to Profit from the Economic Collapse".

Copyright © 2011-2014 Peter Schiff

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Source: The Contrarian Take http://blogs.forbes.com/michaelpollaro/
austrian-money-supply/