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IPFS News Link • Gold and Silver

Peter Schiff: Anybody Betting Against Gold Is Going To Lose

• Zero Hedge - Peter Schiff

Via SchiffGold.com,

Gold and silver continue to struggle with significant selling pressure. Last Friday, gold dropped some $40 as bond yields rose yet again. There continues to be this expectation that rising inflation and economic growth are going to force the Fed's hand and cause it to pivot to tighter monetary policy sooner than expected. But in his podcast, Peter Schiff reminds us that inflation is not a threat to gold. And he says anybody betting against the yellow metal and on the dollar is going to lose.

The yellow metal is down 9% on the year and about 17% from the high last August. The catalyst for the sell-off in gold has been the sell-off in the bond market. Bond yields continue to spike. On Friday, the yield on the 10-year Treasury pushed as high as 1.61% and the 30-year hit 2.4%. Peter said it was one of the biggest interday moves in the bond market that he's ever seen.


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