Peter Schiff – Gold & Silver Plunge Mirrors 2008, What’s Next?

September 24, 2011

With gold and silver prices declining along with global stock markets, today King World News interviewed Peter Schiff, CEO of Europacific Capital. When asked if the downdraft in the metals reminded him of 2008, Schiff replied, “Yeah it does, it is definitely reminiscent of that time period, lots of selling. I think emotional or forced selling is probably what’s driving it. It’s a sale as far as I’m concerned for people who want to buy, but it does show the dangers of using leverage.”

Peter Schiff continues:

“Anyone who bought silver on leverage last week probably already has a margin call, so that’s difficult. But for the cash buyer who is buying to preserve their wealth from inflation, yesterday was a great day. Days like that are opportunities.

I know for some people they are thinking, ‘Oh no, my gold has lost value.‘ Your gold is still your gold, your silver is still your silver. Yes, if you had to sell it today you couldn’t get as many dollars or euros for your gold, but we’re not selling it today so what difference does it make?

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via My Blog.

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