{"id":13516,"date":"2011-10-18T16:49:00","date_gmt":"2011-10-18T16:49:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/new-gold-highs-maybe-by-year-end-says-peter-schiff\/13514\/"},"modified":"2011-10-18T16:49:00","modified_gmt":"2011-10-18T16:49:00","slug":"new-gold-highs-maybe-by-year-end-says-peter-schiff","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/new-gold-highs-maybe-by-year-end-says-peter-schiff\/13516\/","title":{"rendered":"New Gold Highs maybe by year end, says Peter Schiff"},"content":{"rendered":"<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - News Links *\/\ngoogle_ad_slot = \"3490797620\";\ngoogle_ad_width = 468;\ngoogle_ad_height = 15;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<p><!--Ad Injection mfunc mode ad include code--><br \/>\n<!--mfunc include_once('\/mnt\/Target01\/327806\/www.thestockmarketwatch.com\/web\/content\/stock-market-news\/wp-content\/plugins\/ad-injection\/adshow.php') --><br \/>\n<!--\/mfunc--><\/p>\n<p><span style=\"font-family: Verdana,sans-serif;\">By Dominique de Kevelioc de Bailleul<\/span><\/p>\n<p><span style=\"font-family: Verdana,sans-serif;\">Here it comes\u2014another <a href=\"https:\/\/stockmarketwatch.com\/metal\/gold-price.aspx\" data-internallinksmanager029f6b8e52c=\"4\" title=\"gold price today\">gold<\/a> rally, according to Euro Pacific Capital CEO Peter Schiff.<\/span><\/p>\n<p><span style=\"font-family: Verdana,sans-serif;\">A <\/span><span style=\"font-family: Verdana,sans-serif;\"><em>still<\/em><\/span><span style=\"font-family: Verdana,sans-serif;\"> unresolved Eurozone mess, now taking its toll on <\/span><span style=\"color: #000080;\"><span style=\"text-decoration: underline;\"><a href=\"http:\/\/www.zerohedge.com\/news\/collapse-french-bonds-implies-eurusd-now-rich-about-1300-pips\" target=\"_blank\" rel=\"noopener\"><span style=\"font-family: Verdana,sans-serif;\">French banks<\/span><\/a><\/span><\/span><span style=\"font-family: Verdana,sans-serif;\">, fresh and disastrous <\/span><span style=\"color: #000080;\"><span style=\"text-decoration: underline;\"><a href=\"http:\/\/www.zerohedge.com\/news\/corporate-margin-squeeze-coming-producer-prices-soar-08-expectations-02\" target=\"_blank\" rel=\"noopener\"><span style=\"font-family: Verdana,sans-serif;\">inflation numbers<\/span><\/a><\/span><\/span><span style=\"font-family: Verdana,sans-serif;\"> from the US and UK today, firming oil prices, and a COT gold report indicating that all speculators have been flushed from the flash crash in gold in early September as we move into the juicy November to April seasonal buying period in gold, all point to a nice set up for a gold rally, Schiff reckons.<\/span><\/p>\n<p><!--mfunc adshow_display_ad_file_v2(array('ad_random_1.txt'), array(100), array('align' => 'float right', 'clear' => '', 'margin_top' => '', 'margin_bottom' => '', 'padding_top' => '', 'padding_bottom' => ''), array(), array()) --><\/p>\n<div style=\"float:right;margin-left:5px;\"><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - in News 300 *\/\ngoogle_ad_slot = \"5684630733\";\ngoogle_ad_width = 300;\ngoogle_ad_height = 250;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/div>\n<p><!--\/mfunc--><\/p>\n<p>\u201c<span style=\"font-family: Verdana,sans-serif;\">I\u2019m bullish in general and think the dips are a good opportunity to buy. This recent dip is a good example,\u201d Schiff told <\/span><em><span style=\"color: #000080;\"><span style=\"text-decoration: underline;\"><a href=\"http:\/\/kingworldnews.com\/kingworldnews\/KWN_DailyWeb\/Entries\/2011\/10\/18_Peter_Schiff_-_Expect_Over_$250_Move_in_Gold_to_New_Highs.html\" target=\"_blank\" rel=\"noopener\"><span style=\"font-family: Verdana,sans-serif;\">King World News<\/span><\/a><\/span><\/span><\/em><span style=\"font-family: Verdana,sans-serif;\">. \u201cI think we are going to make new highs in the gold market, maybe even before the end of the calendar year, which would imply a pretty big move to the upside for gold.\u201d<\/span><\/p>\n<p><span style=\"font-family: Verdana,sans-serif;\">And, if Schiff is right, a nice rally, too, from the 17.6 percent gain so far in the gold price since the close of last year, to match last year&#8217;s 29.7 percent gain in the metal from the close of 2009 to Jan. 1, 2010, would keep the gold-and-guns Americans from joining in on #OWS protests, as well as maintain gold&#8217;s 11-consecutive-years run of positive returns firmly intact.<\/span><\/p>\n<p>\u201c<span style=\"font-family: Verdana,sans-serif;\">We would be talking about a move of more than $250 to hit new highs,\u201d Schiff added.\u201d The size of a move Schiff has proffered calculates to a 35.8 percent return for gold during the calendar year 2011, a move sure to please that 1 percent\u2014not <\/span><span style=\"font-family: Verdana,sans-serif;\"><em>that<\/em><\/span><span style=\"font-family: Verdana,sans-serif;\"> 1 percent of Americans who have all the money, the 1 percent of Americans who own gold.<\/span><\/p>\n<p><span style=\"font-family: Verdana,sans-serif;\">For now, the Fed and Washington politicos are not in immediate danger from the mostly peaceful mob scattered across America, so they think. But another coordinated attack on gold before year end by the crony capital criminal enterprise, then all bets may be off. Those <\/span><em><span style=\"font-family: Verdana,sans-serif;\">Swamp People<\/span><\/em><span style=\"font-family: Verdana,sans-serif;\"> of Louisiana won&#8217;t be huntin&#8217; down gators in Pat Buchanan&#8217;s Bayou, they&#8217;ll be huntin&#8217; down those fat cats wearing them gator loafers at the Dallas or Atlanta Fed. <\/span><\/p>\n<p><span style=\"font-family: Verdana,sans-serif;\">It&#8217;s quite apparent that the lucrative cash for gator skins business sure isn&#8217;t going to local dentists; it must be going into gold, instead. And if there&#8217;s any question upon whom blame should be cast for Great Depression II, a recent poll conducted by <\/span><em><span style=\"color: #000080;\"><span style=\"text-decoration: underline;\"><a href=\"http:\/\/thehill.com\/polls\/187837-the-hill-poll-voters-say-dc-worse-than-wall-street\" target=\"_blank\" rel=\"noopener\"><span style=\"font-family: Verdana,sans-serif;\">The Hill<\/span><\/a><\/span><\/span><\/em><span style=\"font-family: Verdana,sans-serif;\"> revealed a majority, 56 percent, indeed, know who the scoundrels are\u2014they are those in Washington (including the Fed)!<\/span><\/p>\n<p><span style=\"font-family: Verdana,sans-serif;\">Schiff said that the lull in the gold action during the past six weeks is quite normal, considering the take down by the cartel on Sept. 6 and the liquidations and margin calls it caused through hedge fund redemptions and shallow-pocket specs not able to come up with the needed cash to hold positions. The weak hands and Johnny-come-latelys got hurt, for sure, and may not be back for a while. But there&#8217;s more going on in all markets, not just the gold market, according to Schiff.<\/span><\/p>\n<p>\u201c<span style=\"font-family: Verdana,sans-serif;\">The market is moving sideways despite all of the volatility. The markets will be more directional at some point,\u201d Schiff continued. \u201cA lot of the volatility has to do with the fact that people can\u2019t make up their minds as to what is going to happen. So they are selling one day and buying the next. It\u2019s panic selling, followed by panic buying.\u201d<\/span><\/p>\n<p><span style=\"font-family: Verdana,sans-serif;\">But another frequent guest of KWN, Jim Rickards, senior managing director at Tangent Capital Markets, shed some light on the subject of volatility with listeners of Eric King&#8217;s frequent broadcast. Rickards offered his take on what foreign buyers\u2014who&#8217;ve procrastinated moving capital into gold since the Lehman meltdown days\u2014are thinking.<\/span><\/p>\n<p>\u201c<span style=\"font-family: Verdana,sans-serif;\">I actually had a very interesting experience this week with a foreign entity that is [now] looking at the gold market,\u201d Rickards told KWN listeners on Monday. \u201cWhat happened was they were interested in buying gold, but they were kind of slow moving and they said they missed the rally. I said to them, &#8216;No you didn\u2019t. That was a nice pop but gold has way further to go. Gold is going to go into the thousands of dollars an ounce.&#8217; It is not too late to catch the main spike that\u2019s coming.\u201d<\/span><\/p>\n<p><span style=\"font-family: Verdana,sans-serif;\">Rickards experience jibes with recent Fed data which show a reversal in trend by central banks from moving into dollars to, now, moving out of US dollars\u2014at a critical time when the Fed needs <\/span><span style=\"font-family: Verdana,sans-serif;\"><em>more <\/em><\/span><span style=\"font-family: Verdana,sans-serif;\">participation into Treasuries from overseas, not less. If the sudden collapse of the Dexia despite a clean bill of health from the European stress tests didn&#8217;t get the attention of the big money that politicians are hiding the real damage, maybe the same hide-and-go-seek with tier-1 capital played by US Fed <\/span><span style=\"color: #000080;\"><span style=\"text-decoration: underline;\"><a href=\"http:\/\/www.zerohedge.com\/news\/another-quarter-another-blatant-window-dressing-primary-dealer-banks-make-their-balance-sheets-\" target=\"_blank\" rel=\"noopener\"><span style=\"font-family: Verdana,sans-serif;\">primary dealers<\/span><\/a><\/span><\/span><span style=\"font-family: Verdana,sans-serif;\"> here in the US will. <\/span><\/p>\n<p><span style=\"font-family: Verdana,sans-serif;\">Due to changes in financial reporting rule, FASB 157, and opaqueness offered up by the BIS though its collective reporting of tier-3 assets, today&#8217;s bank balance sheets have turned financial reporting into a complete joke. Opaqueness of the impact from central bank currency manipulation on markets following the Plaza Accord of 1985 was responsible for the 1987 stock market crash, according to Princeton Economics founder and president Martin Armstrong.<\/span><\/p>\n<p><span style=\"font-family: Verdana,sans-serif;\">The US dollar has held up during the crisis in Europe, so far. But <\/span><span style=\"color: #000080;\"><span style=\"text-decoration: underline;\"><a href=\"http:\/\/www.bloomberg.com\/news\/2011-10-14\/treasuries-tumble-in-longest-weekly-losing-stretches-in-more-than-6-months.html\" target=\"_blank\" rel=\"noopener\"><span style=\"font-family: Verdana,sans-serif;\">Bloomberg News<\/span><\/a><\/span><\/span><span style=\"font-family: Verdana,sans-serif;\"> and Zerohedge.com have reported an alarming rate of capital outflows out of the US Treasury market by foreigners of the past couple of months. Whether Schiff will be right about the dollar earlier than he expects is unclear, but that day is coming\u2014and the move will be fast, he said.<\/span><\/p>\n<hr>\n<table style=\"border:none;margin:0;\">\n<tr>\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n.<\/td>\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<div style=\"font-size:11pt;\"><b>Post Written By: Mr. Dominique de Kevelioc, de Bailleul <\/b><\/div>\n<div style=\"font-size:10pt;\">\n<\/div>\n<\/td>\n<\/tr>\n<\/table>\n<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"pub-1408583772585547\";\n\/* 336x280, created 7\/9\/11 *\/\ngoogle_ad_slot = \"3552319058\";\ngoogle_ad_width = 336;\ngoogle_ad_height = 280;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<div style=\"margin:5px;margin-bottom:20px;font-size:11pt;\">&laquo; <a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/\">Return to Stock Market News<\/a> &laquo; <\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Dominique de Kevelioc de Bailleul Here it comes\u2014another gold rally, according to Euro Pacific Capital CEO Peter Schiff. A [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":50312,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"rank_math_schema_Article":[],"rank_math_focus_keyword":[],"rank_math_description":[],"financial_data_references":[],"stock_symbols_mentioned":[],"footnotes":""},"categories":[3],"tags":[],"class_list":["post-13516","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news"],"_links":{"self":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts\/13516","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/comments?post=13516"}],"version-history":[{"count":0,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/posts\/13516\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/media\/50312"}],"wp:attachment":[{"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/media?parent=13516"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/categories?post=13516"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/wp-json\/wp\/v2\/tags?post=13516"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}