Peter Schiff - Relentless Rise in Gold to ContinueSubmitted by bobbyw24 on Wed, 08/17/2011 - 09:20
With gold consolidating recent gains, today King World News interviewed Peter Schiff, CEO of Europacific Capital, to get his take on where things stand. When asked about the run in gold Schiff responded, “Well it’s going to continue, gold is going to go higher because people want refuge. In fact the other safe havens in the currency world, like the Swiss Franc or the Yen, the central banks there are trying to undermine their currencies.
I mean the Swiss are actually thinking about pegging their currency to the euro. One of the reasons people were buying the Swiss Franc was to get out of the euro. Now they are threatening to turn the Swiss Franc into the euro. So what’s the one asset that central banks can’t print? That’s gold and so gold is the last man standing and everybody is going to be piling into it.”
When asked about the relentless rise in gold Schiff replied, “Look at what’s going on, governments have interest rates at zero, the Fed just said they are going to keep interest rates there for at least two years. That’s basically QE3 because they are going to have to buy a lot of bonds to keep interest rates that low. So what else is gold going to do?