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Peter Schiff: Gold Just Royally Sacked Goldman Sachs

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 BigRed    150

In the video below, Peter begins by saying that yesterday, Thursday, February 18th, was a great day for gold and gold stocks despite the comments made several days ago by Goldman Sachs that people should begin shorting gold; not just selling gold, or not buying gold, but actually shorting it. Peter says more than likely the severity of the drop we saw in gold over the holiday weekend was due in large part to those comments made by Goldman, and the result was the price of gold went tumbling down about $50.

As of the close of trading yesterday, just two days later, gold closed up about $22, or slightly above $1,230 on the day. Gold stocks, or the GX Index was also up by just over 6%, making yesterday’s gains the largest of 2016 for the GX Index! Several stocks within that index even made new 52-week highs. Peter reports that all in all, Thursday was a great day for gold and gold mining stocks, just days after Goldman Sachs suggested shorting the precious metal. Schiff jokes that people would have been better off shorting Goldman Sachs stock, because Goldman’s stock fell by over 2% by close of trading Thursday.


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