Apr 22, 2014

Gold: The Rally Will Gather Momentum As The Year Progresses

All of the gold that the speculators unloaded in the second half of 2013 has been bought by entities that have no intention of ever selling it.

Once the market turns around and probably it has already bottomed, we are surprising everybody with the rally thus far in 2014, which I think it will gather momentum as the year progresses, especially when we get more of the economic data coming out this spring which does not show an improvement over the winter. In fact it may even continue to deteriorate because everybody has been dismissing all the bad news as if it was solely related to the cold weather. 

Related ETFs: SPDR Gold Trust ETF (GLD), Market Vectors Gold Miners ETF (GDX)

Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.

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