RJ O’brien Senior Commodities Broker Phil Streible was on Bloomberg this morning, and when asked by the host for his #1 commodities pick for 2013, Streible responded: Silver!
Streible stated that: The Fed will continue to buy mortgage backed securities and treasuries, causing the Fed’s balance sheet to expand from $2.9 Trillion to $4 Trillion by the end of the year.
The Bloomberg host then asked Streible why then wouldn’t he buy gold rather than silver?
Streible responded: Ultimately the Fiscal Cliff issues will be resolved, silver prices have been beat up recently, we’ve seen a 10% decline in the last week, and I think that a snap-back short covering rally will occur, and prices will explode!
Full interview below: [Read more...]