I think that when this decline is over, it has been 2 or 3 years since gold hit its high around 1900, I think it is actually going to rise faster than it fell. Normally, markets take the stairs up and the elevator down. I think that gold is going to take a rocket ship back up.
Because I think when ultimately people who have been shorting gold and selling gold realize that they got it wrong and they want to buy it back, it is just not there. I think all the real gold, that was dumped out of the ETF, I think it is sitting in vaults in Russia, in China, and it is not going to see the light of day again.
Related trading instruments: Newmont Mining (NEM), Barrick Gold (ABX), Goldcorp (GG), NovaGold (NG), 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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