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“When People Realize Where All This Gold Is Going—There Will Be A Scramble To Buy It Back”
Bull Market Thinking ^ | 4-12-2013 | Tekoa Da Silva

Posted on 04/14/2013 10:21:02 AM PDT by Diana in Wisconsin

I had the opportunity this afternoon to connect with Peter Schiff, CEO and Chief Global Strategist of Euro Pacific Capital. It was a fascinating conversation, which took place while gold was absolutely collapsing.

During the interview, Peter explained that today’s sell-off, triggered by a Goldman Sachs sell recommendation was based on the “false idea” of European Central Bank gold sales hitting the market. Instead he explained, gold is preparing its move “from weak hands to strong hands”, before heading to new all-time highs.

When asked his thoughts on the complete panic in the market this afternoon, Peter commented that, ”Gold had [previously] sold-off on false anticipation of [economic] recovery bringing an early end to QE. But when Goldman Sachs came out with the sell recommendation…sentiment was already negative…so I think there’s a lot of stops being hit [right now]…[However], the lower prices will create an opportunity for buyers…wanting to accumulate large positions without moving the market. The only way to do that, is to have a lot of selling...Goldman Sachs certainly could have done a lot of favors for people interested in accumulating gold, because now you’ve got the selling that makes [it] possible.”

With respect to Cyprus’ selling of its gold reserves, Peter said that,“The European community is trying to force Cyprus to sell-off its gold…and now you have the anticipation that other highly-indebted European nations like Greece, Spain, Portugal, and Italy, that [all] have lots of gold, [will have to do the same]. Portugal has I think 90% of it’s reserves in gold—that’s about the highest in the world…[So] these countries [being] forced to sell their gold has really [spooked] the market, and people are selling in anticipation of this avalanche of selling by European central banks…[but] that’s a false idea…The reality is none of that gold is going to be sold into the ‘market’…[because]the ‘buyers’ will be other central banks.”

According to Peter those ‘other’ central banks, will be the “strong-hand” central banks of emerging economies. The indebted Western countries he indicated, “[Are] going to be forced to liquidate…[and] what’s going to happen, is that broke countries are going to be selling off their gold to ‘rich’ [BRIC] countries.”

He further noted that, “Moving gold from weak hands to strong hands is very positive for the gold market…[and] when people realize where the gold ends up, [they're] going to scramble to buy back what they’ve sold.”

As a concluding remark on the gold price, Peter indicated that, “We have to get through this sell-off and [then] I think we’re headed [to] new highs. I’m surprised at the degree to which we’ve already sold-off, but I don’t think that changes the fundamentals…the bigger the sell-off is, the bigger the [subsequent] rally is going to be.”


TOPICS: Business/Economy; Conspiracy; Society
KEYWORDS: cyprusgold; gold; goldmansachs; goldminicrash; goldprice; nickels; peterschiff
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To: Attention Surplus Disorder

The real question is whether the gold claimed to be at the Fed is really there, or whether it’s gold plated tungsten. When the Germans wanted their gold back, the answer was pretty much ‘sure, later.’


41 posted on 04/14/2013 5:32:52 PM PDT by PAR35
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To: SVTCobra03
I don`t know, have you been to the site rusty millet suggested? They`re offering up 100$ of junk silver for $ 2078.83 and IF, as I`ve been told, $1.10 of junk is one ounce then that's below spot market at $25.97 an ounce, I mean 90oz X 25.97 = 2337.30. Is the conversion a buck-ten per ounce? If so, gotta look into that one! But if it drops more? Do I wait or not, what do you think?
42 posted on 04/14/2013 5:39:49 PM PDT by nomad
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To: nomad

Exactly.


43 posted on 04/14/2013 5:41:55 PM PDT by Diana in Wisconsin (I don't have 'Hobbies.' I'm developing a robust Post-Apocalyptic skill set...)
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To: nomad

http://www.coinflation.com/silver_coin_values.html


44 posted on 04/14/2013 5:53:36 PM PDT by SVTCobra03 (You can never have enough friends, horsepower or ammunition.)
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To: Diana in Wisconsin

Whats the conversion, is it $1.10 of junk per ounce of silver?


45 posted on 04/14/2013 6:06:09 PM PDT by nomad
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To: nomad

I don’t know. I’ve never had to cash any of it in. Yet. :)


46 posted on 04/14/2013 6:29:07 PM PDT by Diana in Wisconsin (I don't have 'Hobbies.' I'm developing a robust Post-Apocalyptic skill set...)
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To: Diana in Wisconsin
Mark for later. Sorry, no robots.......:-)
47 posted on 04/14/2013 6:34:45 PM PDT by Lakeshark (!)
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To: Diana in Wisconsin

Gold is at 1438 right now. Down 63.00 Yikes


48 posted on 04/14/2013 7:30:52 PM PDT by Orange1998
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To: nomad

About $1.40 is one ounce assuming it’s not too circulated. Out of the mint, 90% silver is .72 oz per dollar, except if it’s a silver dollar then it’s about .77 oz.


49 posted on 04/14/2013 7:46:02 PM PDT by DC Packfan
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To: Diana in Wisconsin

Getting hammered. (gold & silver, not me!)

Easiest site to see the numbers is apmex.com
or kitco.com


50 posted on 04/14/2013 8:34:51 PM PDT by Attention Surplus Disorder (This stuff we're going through now, this is nothing compared to the middle ages.)
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To: Orange1998
Back up above $1400 after falling to below $1390


51 posted on 04/15/2013 4:29:40 AM PDT by Wyatt's Torch (I can explain it to you. I can't understand it for you.)
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To: SVTCobra03

Silver and gold coin margins are down....due to lower prices. On percentage basis silver coin margin seems down for sure


52 posted on 04/15/2013 4:40:42 AM PDT by dennisw (too much of a good thing is a bad thing - Joe Pine)
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To: SVTCobra03

Forget that ...silver coin American Eagle margins are up on a % basis


53 posted on 04/15/2013 4:42:35 AM PDT by dennisw (too much of a good thing is a bad thing - Joe Pine)
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To: VerySadAmerican

Just shows that as the paper gold & silver markets get slammed, the clever peasants in America are taking advantage of lower PM prices to stock up on the physicals. Same as the ChiComs Russia India and other BRIC countries are and their citizens are


54 posted on 04/15/2013 4:48:40 AM PDT by dennisw (too much of a good thing is a bad thing - Joe Pine)
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To: nomad
barber and mercury dimes. they are no longer used and cannot be mistaken for anything else. they are small denomination which would be useful under SHF conditions.

thats all I can offer except surprisingly, "war nickles" they are 35% Ag. today, they are worth 1.33 fed reserve notes.

55 posted on 04/15/2013 6:32:47 AM PDT by B.O. Plenty (Give war a chance........)
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To: B.O. Plenty
thats all I can offer except surprisingly, "war nickles" they are 35% Ag. today, they are worth 1.33 fed reserve notes.

The War Nickels are interesting. I wanted to get another bag on the dip. APMEX is out of them, as well as many other silver items. Three (3) War Nickels will still get you a gallon of gas.
56 posted on 04/15/2013 5:13:08 PM PDT by PA Engineer (Liberate America from the Occupation Media.)
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