With gold and silver consolidating and continued uncertainty surrounding the stock market, today King World News interviewed Peter Schiff, CEO of Europacific Capital.  When asked about the ongoing banking crisis and where how it will impact gold, Schiff responded, “Clearly when banks fail, people that loaned money to those banks lose.  So there are repercussions when dominos start to fall, you just don’t know how many there are.  I prefer to let the dominos fall rather than to try to prevent it from happening with government bailouts that wind up doing even more damage.”

Peter Schiff continues:

“Gold is down a little bit today and I think the reason was the Europeans through cold water on the idea that there is going be a rapid solution to the problems.  So they have backpedaled and diminished expectations.  So the euro is falling and it’s taking the stock market down with it along with gold as money still foolishly flows into Treasuries.”

I’m bullish in general and think the dips are a good opportunity to buy.  This recent dip is a good example.  I think we are going to make new highs in the gold market, maybe even before the end of the calendar year, which would imply a pretty big move to the upside for gold.  We would be talking about a move of more than $250 to hit new highs.

….read more HERE