Saturday, 2 July 2011

Peter Schiff - Silver has bottomed in the Low 30's

Peter Schiff was recently asked by King World News if he believed Silver had bottomed, this was his response;

“I think it probably has in the low 30’s, you’ve got a lot of support building that used to be resistance on the way up, so now it makes sense it’s support on the way down.  The real resistance now is at the $50 level which was a double-top, initially that was the spike top in 1980.  I think the market will take that double-top out and then I think $50 will be the new $30.  Whereas $50 is now resistance, I think at some point we will be looking south at $50 as the support, and people will be looking to buy silver on a dip back to $50.”

Read the full interview here:

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/7/1_Schiff_-_Reckless_Fed_to_Drive_Gold_North_of_$10,000,_Oil_$300.html 

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