Want to know what capitulation looks like? Here’s a stat from this episode that should be framed: the US Mint had not sold a single Silver Eagle in TWO MONTHS at the time of recording (45:03). Premiums dead, retail gone, sentiment in the dirt. And that’s exactly the backdrop Schiff finds interesting: “The whole rally happened against that backdrop” (45:44). Retail never drove this bull. It hasn’t even shown up yet.
His chart case for why the bull is alive: silver broke overhead resistance that stood from 1980 through 2011, overshot to 120, and pulled back to the LOW 60s instead of 50. “We had a massive breakout… but we’re still above the old highs. And to me, it’s a very bullish pattern” (6:41). His floor call: “If you missed it before when it was under 50, you’re not going to get a chance to buy 50. I think 60 is more likely around the lows” (8:04).
And the fuel he sees coming: “We are on a precipice of a monetary crisis, of a sovereign debt crisis. And that’s going to fuel incredible demand into precious metals that we haven’t seen probably since the ’70s” (16:00). Schiff’s calls, on Schiff’s record. Watch the whole thing below.
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Watch the LIVE DRAWING June 30th!
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With Silver Prices Crashing below $56, & Gold Below $4,000 This Week, Peter Schiff joined The SilverTrade Insider to Provide a Glimmer of HOPE to Those Ready to THROW IN THE TOWEL in Capitulation.
The legendary economist and market strategist warns that Keven Warsh is going to do the EXACT same thing as Powell, Yellen, Bernanke, & Greenspan and choose INFLATION over a complete collapse of the financial system! Schiff warns if The Fed doesn’t MONETIZE the debt, we’re going to have a WORSE FINANCIAL CRISIS than 2008!
Peter also goes OFF EXPOSING the gov’t FRAUD and CORRUPTION…but warns that even the US Gov’t won’t be able to stop what’s coming…
