Peter Schiff: The Longer It Takes To Return To A Gold Standard, The Higher Above $10,000 The Price Will Be Set
- Peter Schiff: The Longer It Takes To Return To A Gold Standard, The Higher Above $10,000 The Price Will Be Set
by https://www.silverdoctors.com/
Peter Schiff says we’re going back to gold, it’s just a matter of time, but the longer we wait to return to sound money, the higher…
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by Peter Schiff of Peter Schiff Podcast
Real Significant Action in the Market: Gold and Silver –
The real significant action today was in the gold & silver market. I wanted to mention today that on Friday, the U.S . dollar sold and then today we’re back at 98. So the dollar is not weakening against other foreign currencies. In fact, most people are still talking about the strong dollar. Even Donald Trump talks about the fact that we have a strong dollar. Now, Trump is bothered by the fact that we have a strong dollar, and he wishes it wasn’t as strong, but he keeps talking about the strong dollar and everybody acknowledges that the dollar is strong.
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Silver is a Great Buy –
The problem is: the dollar is not strong. The price of gold going up shows you that the dollar is not strong. Gold was up $16 an ounce: we closed at $1542.50. This is the highest close in over 6 years for the price of gold; but the real star today was silver. Silver was up 53 cents – $18.17. It’s been a while now since silver was above $18. If you have been listening to my podcasts, you know that I have been pounding the table on silver. I’ve been telling people that silver is the key; it is really cheap relative to gold. In fact, it was better than 90:1. You needed more than 90 ounces of silver to buy a single ounce of gold. That was an all-time record low for the price of silver. Now we’re at 85. The ratio has moved back in silver’s favor, but you still need 85 ounces of silver to buy one ounce of gold. That is historically extremely cheap. In fact, the only time it was cheaper was when it was 90. So it’s still a great buy.
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Cash in some Gold to buy Silver
Silver has never been this cheap, and so if you have gold and don’t have any silver, it makes sense to buy some silver with your gold. Even after today’s move, I would still say that that trade makes sense.
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