Wednesday, 18 May 2011

Peter Schiff - Silver to Take Out $50, New Shorts are Suckers

“Remember it went up to $50 from $30 almost as fast as it came down.  I think if you just take a look at the long-term trajectory it’s still a big bull market.  I think that $50 high is not going to hold...We are going to take that ($50 high) out and move a lot higher.  We are suckering a lot of new short sellers into the market as people are comparing it to a bubble now or 1980, the Hunt Brothers.  I don’t think what we’ve had so far is anywhere close to what happened in 1980.  We might get to that point at some time in the future, but we’re not there yet.

We’ve created sufficient nervousness and anxiety in the market and enough shorts that we should have a nice wall of worry that we can climb, and ultimately a pretty good short covering rally.  I think a lot of the people who have shorted this selloff in silver are going to lose a lot of money...We could have a dollar crisis as early as this fall and if we are having a dollar crisis then I would be expecting silver prices to be making new highs.”

- Peter Schiff, via a King World News Interview

Read the full interview here:$50,_New_Shorts_are_Suckers.html