Money manager Peter Schiff has a read on gold short sellers. Schiff says, “Of course the short sellers never had the gold to begin with! They’re selling gold they don’t have, and I think the shorts are getting a little bit nervous, but they are going to get a lot more nervous as we turn up the heat here. Gold is now above $1,300 (per ounce).
I think it’s going to be above $1,400 before they start to panic a little bit, and I think that’s great.” Schiff goes on to say, “I like the fact the market is moving up and nobody is buying it, nobody is paying attention to it. If they are, they are dismissing it. People think this is a head fake or a dead cat bounce. Instead, it’s the resumption of the (gold) bull market.”
On gold mining stocks, Schiff proclaims, “The valuations are phenomenal in the mining sector because everybody assumed that the price of gold was going to keep falling, and those false assumptions were built into these share prices.
Peter Schiff’s full thoughts on the coming tsunami of inflation, and the resumption of the gold (& silver) bull markets is below:
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