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article imageGold dips below $1,400, silver drops to $23 in panic selling

By Andrew Moran     Apr 15, 2013 in Business
New York - Following a report by Goldman Sachs and the news Cyprus would be selling a significant portion of its gold reserves, gold and silver dipped at the end of the Friday trading session. On Monday, it fell even more.
During the trading session, gold has fallen $127.80, or 8.5 percent, to $1,373.60 (at the time of this writing). This is a two-year low for gold. Silver has declined by more than 11 percent, or $2.95, to $23.38. Is this the end of the decade-long bull run for precious metals and the rise of the United States stock market? Establishment investors say yes and contrarian investors beg to differ.
With central banks around the world participating in a currency war to debase their currencies and the Federal Reserve pumping hundreds of billions of dollars into the economy, gold experts see this just as another buying opportunity.
Since Wall Street listens to every word Goldman Sachs utters, many investors took their advice that gold should be sold off. Nonetheless, this shouldn’t lead to goldbugs to panic, according to Peter Schiff, president of Euro Pacific Capital.
Speaking in a YouTube video Sunday, Schiff explained that goldbugs should hang onto their gold and keep their conviction. This could very well be the last buying opportunity for gold and silver investors.
“This negative sentiment is going to provide a very good backdrop from which to launch a new rally in the price of gold for which it will ultimately take it way beyond the highs were established in September of 2011,” stated Schiff.
“Buckle up your seatbelts. I’m sure it’s going to be a rough ride next week. But don’t lose your conviction, hang onto your gold and if anything use these as buying opportunities and accumulate. If you don’t have gold, take advantage of the decline in price,” concluded Schiff. “I think in the future, I think we’re going to look back at this particular period as the last great buying opportunity of this ongoing bull market.”
More about Gold, Silver, Precious metals, Bullion, Peter schiff
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