Is the gold market putting in a very formidable bottom?
*CNBC, by Alex Rosenberg & Peter Schiff, July 8, 2014
” ‘Most people on Wall Street were very impressed by [the jobs numbers] yet the price of gold did not surrender any of the gains in the previous week,’ Schiff pointed out.
‘So to me, we’re consolidating those gains, we’re putting in a very formidable bottom in gold. We still have all of the naysayers, the Goldman Sachs, Societe Generale, all these guys that were negative calling for $1,100, $1,000, they’re digging in their heels, they’re just as bearish as they were at the beginning of the year despite the fact that they’ve been wrong for six months. So you have a lot of negativity, but I think the technical picture is improving rapidly for gold.’ ”
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