July 26, 2012
Today Peter Schiff told King World News that “Gold has now broken out of a channel. There was a very nice trendline and we just broke out of that today.” He also said, “Now that we have broken out of that channel, there is a lot of room to the upside.”
Schiff discussed the Fed, mining shares, and key levels in the gold market, but first, here is what he had to say about today’s comments out of Europe by Draghi: “Draghi is just saying he’s going to print as many euros as he has to. That’s what people are interpreting here is him saying, ‘We are not going to let countries default. We’re going to keep countries on board, which means we are going to acquiesce to the pressure to print money.’”
Peter Schiff continues:
“This is music to the ears of the people who control the markets, the people that control the lion’s share of all of the money and that make all of the decisions. That’s what drives the market in the short-run. You’ve got a lot of leveraged players that key off of everything central planners say.
But the Dow is already off its highs. The euro, the main currency in focus, is back over 1.22….