“It’s About To Go PARABOLIC” Why 2024 Will Be the BIGGEST Gold Bull Market Ever: Peter Schiff 2024
Peter David Schiff is an American stockbroker, financial commentator, and radio personality. He co-founded Echelon Wealth Partners in Canada. He is involved in other financial services companies including Euro Pacific Asset Management, as an independent investment advisor, and Schiff Gold.
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Credits:
Gold Price Will Surge to New All-Time Highs When Inflation Panic Sets In: Peter Schiff
Commodity Culture
https://www.youtube.com/@CommodityCulture/videos
Peter Schiff
https://www.youtube.com/@peterschiff/videos
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Website
Twitter – twitter.com/jessebday
Podcast – commodityculture.buzzsprout.com
The Peter Schiff Show – schiffradio.com
Instagram – instagram.com/peterschiff
Twitter – twitter.com/peterschiff
Locals – peterschiff.locals.com
Facebook – facebook.com/feterschiff
Euro Pacific Asset Management – europac.com
Schiff Gold – schiffgold.com
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In 2001 the price of gold was under $300 an ounce and in a 10-year period to 2011 it went up to 1900 so why didn’t the manipulation stop that I mean h how did gold go up so much if there was you know people manipulating it obviously you
Know it it had a big move now it should be even higher now but that doesn’t mean it’s because of manipulation but I I do think that there’s a lot of incentives obviously to keep the price down but there’s a lot of big money that is
Selling gold I mean they you know when gold hit a new high you know there’s a trading adage I mean it’s not rocket science Buy Low and sell high and you know people took profits or took an opportunity to short I think there is a lot of hun money that trades gold
Futures and um you know when gold couldn’t sustain the breakout I mean some selling came in but we’re going to exhaust this selling I think that part of what’s Happening Here in this bull market is that weaker players are being shaken out of the market they’re being
Discouraged by some of th some of those sell-offs gold hit that new record high rather than just continuing to rise we had a sharp drop I mean gold got to uh 2135 and the next day it was back below 2000 or two days later I think it got
Down to 19 maybe 75 so it had 150 $160 pullback almost immediately uh but it quickly recovered it didn’t you know go to too far below 2,000 and it didn’t stay there that long you know I think that this is now the new support for gold just around $2,000 an ounce and and
You know that used to be the record high so the fact that we’ve now are building support near what used to be massive resistance is a very bullish technical uh factor and the fact that gold has held up this well in the face of some big headwinds and these are headwinds
That really shouldn’t be there but it’s about percep ception and the perception was that rate hikes were going to be very bearish for gold that Rising real interest rates to the extent that they they were real but the markets believe that that should have been barass for
Gold uh but we’ve now basically finished the tightening cycle and gold is still at 2,000 so if gold did this well in an environment of rising rates imagine how much better it’s going to do when rates are falling and the the real environment that I think think gold is going to
Flourish in is when inflation is accelerating but the FED is not matching that with rate hikes um and and that’s going to be a big wakeup call for investors because I think what was you know kind of keeping a lid on gold was the belief that the the the government
The Fed was going to be vigilant and do whatever it takes to put that inflation Genie back in the bottle and bring the rate back down to 2% and and keep it there there and that’s just a fantasy that’s not going to happen and the markets haven’t come to terms with that
And so in the past or you know recent year or so when worse than expected inflation news would come out that would be bad for gold even though it’s good for gold CU gold is an inflation hedge and so if inflation is a bigger problem there should be more demand for a hedge
But the way the markets reacted to the stronger than expected inflation data was just the the belief that okay this means the fed’s going to have to fight harder to to get rid of the inflation that just means higher for longer and and that would hurt gold and it would it
Would help the dollar but I think as investors start to realize that higher inflation numbers don’t mean the FED has to height fight harder to win it means the FED is already lost and inflation has won because there’s a limit to how hard the FED can fight given how much
Debt is in the system especially how much debt uh the governments have and how much debt the the banks are holding and as much as the FED would like to see lower inflation they don’t want to see a financial crisis they don’t want to force the US government to default on
Its its obligations the FED is very political and so when it has to pick its poison it would rather pick inflation uh than you know a financial crisis and you know just a collapse of the banking system and sovereign debt crisis so when the markets realize that that’s where
We’re going I think Gold’s going to be off to the race in 200 one the price of gold was under $300 an ounce and in a 10year period to 2011 it went up to 1,00 so why didn’t the manipulation stop that I mean h how did gold go up so much if
There was you know people manipulating it obviously you know it it had a big move now it should be even higher now but that doesn’t mean it’s because of manipulation but I I do think that there’s a lot of incentives obviously to keep the price of gold down but there’s
A lot of big money that is selling gold I mean they you know when gold hit a new high you know there’s a trading adage I mean it’s not rocket science Buy Low and sell high and you know people took profits or took an opportunity to short
I think there is a lot of hot money that trades gold Futures and um you know when gold couldn’t sustain the breakout I mean some selling came in but we’re going to exhaust this selling I think that part of what’s Happening Here in this bull market is that weaker players
Are being shaken out of the market they’re being discouraged by some of th some of those sell-offs and that’s kind of what markets do you know it’s they try to get rid of a lot of the excess baggage the dead weight the weaker hands uh they give up but I think gold is
Being accumulated by uh sophisticated investors by by central banks it’s clear that we have a a a monetary crisis looming in in the Fiat world and and so people are are are are accumulating gold central banks are accumulating gold and we’ve had you know a few false starts
And so when gold makes a new high I think investors are still trained to sell into it because every time it’s made a new high it’s pulled back and the people who sold uh made money and they were able to buy back cheaper but work until it stops working and and and then
I think that once the price of gold you know breaks out let’s say we make the new high let’s say we get up to 2150 next time and and then they start to sell it and they can’t bring it down very much because new buying comes in
And the price makes a new high and you know and the efforts to sell don’t you know produce a much lower price that the buyers coming into the market are just taking up all that uh the sales and then at some point you know it’s the sellers
That are going to throw in the towel they’re going to stop selling and you know when it comes to the paper markets it’s going to work both ways a lot of people were shorting gold that didn’t exist that they didn’t own through the the Futures market and so that allowed
Selling to take place that might not have taken place without the Futures Market because how do you sell what you don’t own uh but Futures markets allow you to sell what you don’t own but I think that what ultimately is going to happen with those paper markets is the
Shorts are going to get caught because I think once the market really has a big bid and it’s hard to buy gold I think a lot of the Longs in the market are going to look to take physical delivery of their gold and that’s going to be a big
Problem for the shorts because typically the the contracts settle in cash so the speculators who have shorted Gold by selling Futures they never actually have to deliver any of the gold but you know behind every gold Futures Contract there’s an obligation of to deliver actual gold if the buyer wants it but if
The buyer doesn’t want it then you don’t have to deliver and and generally the people buying you know don’t need the gold don’t want the gold they’re just betting on the price