Peter Schiff still sees Gold at $5000 oz

By Roger Baettig | October 28 2012 5:07 PM

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Peter Schiff author of “Crash Proof 2.0,” recently spoke about Gold prices and foreign mining stocks.

The 2010 Connecticut Senatorial Republican candidate and economic forecaster, Peter Schiff Wednesday discussed Gold prices and reiterated his projection that gold will see 5,000 oz.Mr. Schiff is Bullish precious metals and mining stocks.

The author of “The Little Book of Bull Moves in a Bear Market” says he has been buying Gold since Y 2000 when it was at $200 oz, and still beleives an investor or someone who wants to protect him or herself from inflation should purchase Gold because of its inflation hedge qualities.

“First of all it’s definitely not too late to buy, do not wait for Crash Proof 3.0 to buy Gold. Given the fact that all what’s happens and all what’s likely to happen and that Gold is still this close to $1000 people should be buying. The fact that Gold is going up is the reflection of inflation and not just in America,” he said in an interview last week.

On the topic of foreign currencies, Mr. Schiff does like the Japanese Yen JPY, the Canadian Dollar CAD, the Australian Dollar AUD and the Chinese Yuan Renminbi CYN as most of them have reached 52-wk highs. He foresees European currencies fluctuating in higher prices, even if they are not moving much right now.

Gold’s high prices is due to international inflation because a lot of governments are printing a lot of money, according to Mr. Schiff.

“Why is Gold up, even though the USD is not down? Well, that means that the EUR, or the CYN or the JPY is down. Everybody is creating inflation, everybody is printing too much money, they have interest rates too low so Gold is going to move up. But I think Gold is going to go up against the USD because the US is creating more inflation more recklessly.” Stay tuned…

Paul A. Ebeling, Jnr.Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster’s Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.