A Very Powerful Rally

This is a very, very powerful rally. Gold stocks finished again at 3 year highs. The Market Vectors Gold Miners ETF (GDX) was up about 5 percent on the day.

Related stocks: Newmont Mining (NEM), Barrick Gold (ABX), Goldcorp (GG), NovaGold (NG)

Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.

Precious Metals: Silver And Gold Are Prepared To Move A Lot Higher

We now have confirmation from both metals (SPDR Gold Trust ETF (GLD), iShares Silver ETF (SLV)) that the markets are prepared to move a lot higher.

Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.

Gold Stocks Are Not Expensive At All

They are not expensive at all. I think they are still cheap despite the fact that many of the gold stocks are now at multiyear highs as gold hits another 52 week high. I think relative to where they have been in the past and where they are going, you can still buy these stocks, I think they have a long way to run.

Related stocks: Newmont Mining (NEM), Barrick Gold (ABX), Goldcorp (GG), NovaGold (NG), Eldorado Gold Corp (USA)(EGO), Gold Fields Limited (ADR) (GFI)

Related Exchange Traded Funds: Market Vectors Gold Miners ETF (GDX), Market Vectors Junior Gold Miners ETF (GDXJ)

Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.