During the Vancouver Resource Investment Conference, Peter Schiff joined Frank Holmes (US Global), Rick Rule (Sprott US), and Grant Williams (Vulpes Investment Management) on the “Ultimate Gold Panel. Daniela Cambone moderated the discussion.
Gold charted its best year since 2010 last year. The price increased by 18.4% in dollar terms. The yellow metal also reached record highs in every G10 currency except the dollar and the Swiss franc. Can this bull-run can continue into 2020?
Peter noted that he was on a gold panel the year before and he was the only person who thought gold was going to go up. Many were predicting the yellow metal would fall back to $1,000.
I thought that was very improbable. And now you’re throwing around could it go back down to $1,300. Look, it’s possible, but I think it’s highly improbable that that’s going to happen. If gold is broken out and 1,350 was a six-year high that capped every rally, I think we took it out, we’ve never looked back ever since. We now seem to be building support around 1,550, or just under 1,550, which was the high before we had a pullback to around what? 1,450. So, the market looks very strong to me. So, while it’s possible that we could get that large decline, I wouldn’t want to hope for it or bet on it. I think that there’s a lot more upside potential and I think the number that Dalio is talking about, 2,000, not only is that very probable, but depending on the outcome of this election, we could go much higher. I mean, if Bernie Sanders were to be elected president, just imagine what would happen to the price of gold. The very night the results came in.”
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