Schiff - Reckless Fed to Drive Gold North of $10,000, Oil $300

Buy and hold. You will be rewarded in 2-7 years.

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Schiff - Reckless Fed to Drive Gold North of $10,000, Oil $300

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/7/1_Schiff_-_Reckless_Fed_to_Drive_Gold_North_of_$10,000,_Oil_$300.html

“I don’t know how reckless and irresponsible the Federal Reserve and Congress are ultimately going to be, but they could certainly be reckless enough to drive gold north of $10,000.”

When asked if silver has bottomed Schiff replied, “I think it probably has in the low 30’s, you’ve got a lot of support building that used to be resistance on the way up, so now it makes sense it’s support on the way down. The real resistance now is at the $50 level which was a double-top, initially that was the spike top in 1980. I think the market will take that double-top out and then I think $50 will be the new $30. Whereas $50 is now resistance, I think at some point we will be looking south at $50 as the support, and people will be looking to buy silver on a dip back to $50.”

When asked about the price of oil Schiff said, “Well the price is going to go up, the more money we print, the higher the price is going to go. Oil will probably be $300 a barrel. Everything is going to be getting more expensive, not just gold.”

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