Peter Schiff: Silver Price going to $50, “So Buy it Now”

[bobbyw24]

For those waiting to seize another drop in the price of silver, Euro Pacific Capital CEO Peter Schiff believes today’s bargain basement price won’t get any cheaper and that full-pricing of $50 in the white metal is coming—maybe within 60 days.

Speaking with King World News’ Eric King, Friday, Schiff warned procrastinating silver bugs, “We are going to eventually go through $50 [silver], so buy it now.”

The gold price, he expects, will reach $2,000.

Schiff’s latest advice comes on the heals of last week’s bold call, of which, he said a renewed drop in the U.S. dollar was imminent and a rally in the precious metals would ensue for the remainder of the year. And if Schiff turns out to be right in the face of a teetering EU and the backdrop of FX Concept’s Founder John Taylor’s mid-summer call for a big dollar rally for the second half of 2011, clearly many traders will be knocked off guard.

Read more: http://www.beaconequity.com/peter-schiff-silver-price-going-to-50-%e2%80%9cso-buy-it-now%e2%80%9d-2011-10-31/#ixzz1cSL3UtDw

[Jeez]

I told this will people were screaming buy when Silver was at 35 wait for your buying opportunity. SLV may go down below 30 today so wait for some buying opportunity before jumping in.

[Zippyjuan]

A year ago he was saying silver to $75- $100, though he did say it could be two or three years. Clip from September 12, 2010.

http://www.youtube.com/watch?v=pJgJjungJsw&feature=sub

Two years ago it was gold going to $5,000 an ounce.
http://finance.yahoo.com/tech-ticker/article/342802/Peter-Schiff:-U.S.-Rally-Is-Doomed,-Gold-Will-Hit-$5000


Peter Schiff: U.S. Rally Is Doomed, Gold Will Hit $5000

Posted Sep 24, 2009 09:25am EDT by Aaron Task in Investing, Newsmakers
Related: ^DJI, GLD, EPHCX, FXI, EEM, GDX, ^GSPC
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Unlike the "legitimate bull markets" of many foreign markets, Peter Schiff believes the U.S. is merely experiencing a "rally in a bear market," and is lagging the rest of the world "for a reason."

The worst is not over, according to Euro Pacific Capital's Schiff, who predicts the Dow will fall another 90% from current levels when measured against gold.

A longtime dollar bear and gold bull, he foresees gold hitting $5000 per ounce "in the next couple of years," and predicts the Dow and gold will trade on a one-to-one ratio vs. the current level of around 9.7-to-1.

[cubical]

He still thinks its going to 5000 an ounce or even higher. He was speaking within the short time frame like silver to 50.

[Zippyjuan]

Thanks. You are of course right- he does say about 60 days.

I see it is about $34 an ounce right now. That would be a rise of about 50%. If Europe stays a mess, that could certainly happen.

Predictions with specific numbers and timelines are dangerous- too easy to say they were wrong (the $5000 quote did say "the next couple years" and we are now a couple of years away from that or the thread somebody had which promised $125 silver in three months ths summer- it finished the three monthy lower than at the start for example). The other risk is to not be time specific and simply say "eventually"- even if that means a very long time- decades even. Eventually that one will be right if you wait long enough. Or just be general and say you expect prices to go higher.

[Arklatex]

Who thinks PM will decouple and not head down with the market this time?

[Seraphim]

I do.

I think it may very well drop dramatically in terms of the digi prices we see on computer screens but when you call you will get "6 month wait time for orders, is that ok?" From there that will bid up the price rather quickly.


Who thinks PM will decouple and not head down with the market this time?

[bobbyw24]

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/11/3_Peter_Schiff_-_Bernanke_%26_Fed_to_Ignite_Gold_%26_Oil.html

[Bern]

We may yet see some significant buying opportunities: http://www.ronpaulforums.com/showthread.php?327743-Warning-MF-Global-scandal-may-cause-massive-commodities-selling-Friday

But a bird in the hand is worth two in the bush...

[Lovecraftian4Paul]

Please let this be another of Peter's predictions that comes true. I've been stocking up, regardless of where silver is going in the near term. We all know the trajectory: up, up, and away.