Tags: Schiff | bull | gold | fundamental

Peter Schiff Sees 'Many, Many Years of Bull Market' for Gold

Friday, 10 May 2013 08:15 AM

By Dan Weil

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The recent plunge in gold prices hasn't deterred the enthusiasm of Peter Schiff, CEO of Euro Pacific Capital, toward the precious metal.

"I don't think that the fundamentals have ever been better," he told Yahoo. "The fact that there's so much negativity argues well for many, many years of a bull market."

After increasing in price for each of the last 12 years, gold has dropped 12 percent so far this year. The spot gold price stood at $1,434 an ounce early Friday.

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Market sentiment is now the most negative it has been toward gold since Schiff started buying it in 1999, he says. But he's confident the wall of worry will be overcome.

He said gold dropped 35 percent in 2008 before rebounding strongly.

Moreover, gold has Federal Reserve easing on its side, Schiff says. "People think the U.S. economy is recovering. It's not. It's strictly a result of money printing."

That money printing is bullish for gold, he states. "Since the Fed is going to have to print more and more money to keep this phony recovery from imploding, it's extra bullish for gold."

James Grant, editor of Grant's Interest Rate Observer, agrees with Schiff. "I think gold is the way to get short central banks, ... so I'm very bullish indeed," he tells CNBC.

"Aggressive, unprecedented money printing is the single fundamental of the gold market. As long as that remains in place, you're compelled to look at an alternative" — gold.

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