GoldSeek Radio Nugget - Peter Schiff: Silver Surges to Highest Price Since 2013

Peter Schiff, Head of SchiffGold.com, comments on $2,400 gold: "We ain't seen nothin' yet ... fortunes will be made..."

- Peter notes silver's highest close in 11 years, "A significant breakout."

Well, first of all, silver closed at $31.50. So it's above $31. In fact, this is the highest price that silver has closed since February 2013. So I think it's a very significant breakout. It's something that I've been forecasting for a while. It's actually surprising that silver stayed so low so long while gold was rising.

I speculated on my podcast that the main reason for that was that the big buyers was central banks and they were buying gold; they weren't buying silver. The public was selling gold and silver but there was enough central bank buying, particularly the emerging markets, to offset the retail selling – but there wasn't any central bank buying to offset the retail selling in silver. So silver prices were weak, while gold was rising. The same story I think [applies to] the precious metal stocks...

He continues:

We have had big bounces, the GDX and GDXJ both closed at new 52-week highs [last] Friday. But if you look at where they are relative to where they used to be, and where they should be given the current price of gold, we ain't see nothing yet. The rise that we've got so far is nothing compared to what I think is coming and I think that we're going to see an explosive move. In these mining companies any day, they have a long way to go to catch up to where gold is now let alone where it's going to be in the near future.

- Has Wall Street missed the obvious next "Big" investment theme - gold and silver shares?
- Will a dollar bear market send the PM's sector even higher?
- As silver follows gold's ascent above resistance, what are Peter Schiff's price goals?
- With gold and copper at new all-time record prices, how long before silver reaches $50?

It's the dollars that are losing value and you're needing more and more dollars to buy the same quantity...the initial rise which was from $300 to $1900. Gold went up six-fold, five-fold...five-fold from $2000 is $10000 and so I think that's a kind of a minimum price target for gold: $10000-20000, and it could get there very quickly. It may not take more than a couple years to three years to do that and in that environment, I mean silver could outpace gold as far as the magnitude.

- Peter has invested half of his investment portfolio in gold and silver shares!
- Will precious metals shares present epic investment opportunities?
- Might some gold shares be 50x or more in the coming years?
- Will gold demand from Asia continue to dominate the bull market?

Peter's list of favorite gold companies:

Europac Gold Fund (EPGFX) - Top 10 Holdings
Osisko Gold Royalties Ltd 6.48%
Franco-Nevada Corp 5.59%
OceanaGold Corp 5.58%
Agnico Eagle Mines Ltd 5.29%
Fortuna Silver Mines Inc 5.09%
Royal Gold Inc 5.01%
B2Gold Corp 4.93%
Barrick Gold Corp 4.87%
Pan American Silver Corp 4.56%
https://www.morningstar.com/funds/xnas/epgfx/quote

Visit Peter Schiff's website