Peter Schiff on CNBC Friday discussing his near-term outlook for gold prices, and Goldman’s recent failed recommendation for investors to sell gold holdings.
“They are still wedded to the old narrative. They still expect the Fed to raise rates three times this year. They will believe in this phony recovery. They still expect the dollar to continue to go up and they’re wrong. Goldman is just as sure that gold is going to collapse now as they were back in December.”
Goldman’s commodities team has long been predicting that gold would fall below the $1,000 mark within the next year and reiterated its bearish call last month. Meanwhile, the precious metal has surged more than 16 percent so far this year.
“I think once we break out of this trading range and clear through $1,300 we could have a pretty quick move up to the $1,400-$1,500 range. There’s a lot of momentum in this move.”by