Video: Gold Outlook

Peter Schiff talks gold and precious metals.

Gold & Gold Stocks (Market Vectors Gold Miners ETF (GDX), Market Vectors Junior Gold Miners ETF (GDXJ), SPDR Gold Trust ETF (GLD), Newmont Mining (NEM), Goldcorp (GG), Barrick Gold (ABX))

I think now that we have cleared out that $1,300 resistance there are a lot of people that thought there was no upside in gold, well they're about to find out just how much upside there was.  I think of course even bigger moves are coming in the gold stocks. (Market Vectors Gold Miners ETF (GDX), Market Vectors Junior Gold Miners ETF (GDXJ), SPDR Gold Trust ETF (GLD), Newmont Mining (NEM), Goldcorp (GG), Barrick Gold (ABX))

Gold Goes Through 1,300 USD

We've been flirting with that $1,300 level all year, I've been talking about all the resistance that was up there and every time the price of gold got near $1,300 it was met with tremendous amounts of selling. There was a lot of supply but as I've been saying the demand was building, this was a coiled spring we continued to see more and more buying beneath the market and the channel was narrowing the distance between the $1,300 resistance and the support kept getting narrower and narrower and I said I was looking at it and I thought it was only a matter of time before we exhausted all that supply and broke through that $1,300 level,  both a psychological level and a level with a tremendous amount of selling. We finally did it!