Is Gold Regaining Its Luster?

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...what are Peter Schiff's current recommendations? He says to get out of the dollar 'cause it's going to “fall like a stone”, buy the dips in commodities, and start investing in international equities. He also predicted gold is going to go through the roof in the next couple of years, possibly hitting the $2000 an ounce mark...

On Thursday’s CNBC's Fast Money show, guest investor Peter Schiff was on with his current market predictions. Two years ago, Schiff was dead on when he said that we were in a huge credit bubble which would be followed by a financial crisis and a “major, major recession.”

Hello! Very few listened to him then, and although nobody's right all of the time, I thought that it might behoove me to listen to him now. So, what are his current recommendations? He says to get out of the dollar 'cause it's going to “fall like a stone”, buy the dips in commodities, and start investing in international equities. He also predicted gold is going to go through the roof in the next couple of years, possibly hitting the $2000 an ounce mark. Yikes!

Well, investors Friday seemed to catch the gold bug, causing a spike in the otherwise severely depressed sector with some mining stocks advancing over 40% over Thursday's close!

Technically, gold seems like it could be putting in a bottom, even if that bottom is only temporary. Mr. Schiff thinks that could drop to $600 before ultimately turning around and heck, who am I to argue? Judging from the chart of the GLD -- a gold ETF that tracks the price of gold bullion and is the purest gold play out there--the $70, $65, and $60 all form major support levels (the GLD trades at roughly 1/10th the price of gold)...

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