Dollar Dives, Gold Thrives, Puerto Rico Defaults – Ep. 163
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 3 May 2016
⏱️ 31 minutes
🧾️ Download transcript
Summary
* Gold finally traded about $1300 this morning; it was the first time since January of 2015 that the price of gold traded above $1300
* But by the time the U.S. Stock market opened, the price of gold started to sell off, and it couldn't hold $1300, in fact, it ended negative on the day - we closed about $1291
* When gold failed to hold $1300, there was a lot of selling in gold stocks; in fact gold stocks were way up in the pre-market, up from 2-7%
* Some of them opened with new 52-week highs, but then the selling commenced and gold stocks went down, silver stocks went down - GDX ended down about 1.7% on the day - not a very big move
* There will be some people out there who will say, "It's a reversal"
* We didn't hold $1200 either, the first time we got above it, but the next time we went to $1200, we got to $1260
* I think something similar might happen with $1300
* If I were a bear, I would cover, I'd be buying back
* I think it would be smart to buy the dip
* Especially when you look at the weakness in the U.S. dollar with continued today, in fact the dollar index traded down to about 92.50
* This is the first time since January of 2015 that the dollar index has been below 93
* The euro is above 115, that, too, is the first time since January of 2015
* But the dollar is weak across the board, and it's going to continue to get weak especially if we keep getting the weak data points like the data that came out today
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Transcript
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| 0:00.0 | Well, gold finally traded above $1300 an ounce this morning. |
| 0:14.0 | It was the first time since January of 2015 that the price of gold traded above $1300. |
| 0:20.1 | The high I saw was about $13.02. |
| 0:23.0 | Maybe it got a little higher when I wasn't looking. |
| 0:25.6 | But by the time the US stock market opened the price of gold started to sell off. |
| 0:30.3 | And it couldn't hold $1300. |
| 0:31.6 | In fact, we ended up negative on the day. |
| 0:34.3 | We closed about $12.91. |
| 0:36.8 | And when gold failed the whole $1300, you got a lot of selling in the gold stocks. |
| 0:41.9 | And in fact, the gold stocks were way up in the pre-market. |
| 0:44.9 | I saw some gold stocks trading up as high as 7%. |
| 0:48.3 | Many were up 2 or 3% before the open. |
| 0:51.1 | Some of them still managed to open with some pretty big gains. |
| 0:54.9 | New 52 week highs, new multi year highs. |
| 0:58.0 | But then the selling commenced and gold stocks went down. |
| 1:01.7 | Silver stocks went down. |
| 1:02.7 | The GDX ended up down about 1.7% on the day. |
| 1:06.6 | Not a very big move. |
| 1:08.3 | But I'm sure there's going to be some people out there that are going to say, oh, you see |
| 1:11.2 | it's the high. |
| 1:12.2 | It's a reversal. |
| 1:13.2 | You know, the stocks opened higher, closed lower. |
... |
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