Schiff: 'Goldman Sachs Is Wrong, Gold Is Going Higher!'

SCHIFF TAUNTS GOLDMAN

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."

FULL CLIP

RECESSION IS LIKELY THIS YEAR

Here's the rest of the CNBC segment.

Comments

[DailyBail]

Mark Cuban: 'I'm unsure about the stock market, but I'm betting on gold'

http://www.cnbc.com/2016/02/11/mark-cuban-like-everybody-else-im-confused.html

[DailyBail]

Dudley: US seeing 'significant uncertainties' and 'headwinds to growth'

Headline just hit the wires...

[DailyBail]

http://www.wsj.com/articles/hsbc-struggles-to-bring-money-laundering-vigilance-up-to-snuff-1459279408

Iranian Miniskirts, Bags of Cash Raise Doubts Over Controls at HSBC

[DailyBail]

CONGRATULATIONS CHEYENNE!

The honor is well deserved.

---

My first submission to TopDocumentaryFilms.com just got accepted and posted.

http://topdocumentaryfilms.com/veneer-justice-kingdom-crime/

About a week ago, almost on a lark, I submitted "Veneer of Justice" (budget: $0.00) to a full-bore documentary film site. One of my beefs with a lot of films about the financial crisis is that they leave viewers angry at mere concepts--greed, capitalism, government interference, the revolving door; the list is all too familiar by now. "Veneer" provides some real faces to punch out.

[DailyBail]

OPIATES ARE BAD

Full stop. On a personal note, I was away from the site this weekend because a friend died. Actually he died 10 years ago, at the very young age of 39, and this weekend there was a 10-year remembrance party of his life. It was a great event, and many old friends made the trek back to Bloomington for the celebration. Walter was a lifelong friend who built a successful business with no outside help. He started with a $10k down payment on his first rental (he eventually owned 24 student-rental properties), and built his company slowly from there. He left behind a 2 year-old son when he died, and little Quint is now 12 and doing great, being raised by his grandparents in Annapolis, Maryland.

Walt had a car accident a few years before his death, and the pain from the accident led to an addiction to Loritab, an opiod-based pain killer. The addiction grew until it killed him just a few short years later.

Be careful people.

[Cheyenne]

Sorry to hear about Walter, DB. The pain of losing someone to addiction is unique. Some of the sweetest and most talented people I've known went out that way. Not a day goes by that I'm not reminded of them.

[john]

Same here. I know a lot of professional folks who one would never suspect get snagged by opiates. We see a lot of OD's here and when Narcan is administered, the patients get seriously pissed that their buzz is suddenly gone. It a big problem especially for already overworked Fire Rescue services. The majority of responses on any given day are for OD calls. A lot of the heroin is cut with Fentanyl which has been extremely lethal in very small doses.

[Sagebrush]

I'm very sorry about what happened to your friend DB. My Doc has me on opiates and I understand how easy it is to cross the line with them as several of my friends checked out that way. I've done my best not to use them at all but once in awhile I have to.

Great job on the Documentary Cheyenne. Every voter in the country needs to see it.

[DailyBail]

Cheyenne

I see your video is about to pass 65,000 views on youtube.

http://www.youtube.com/watch?v=eHgbRYgpGGs

NICE WORK