Gold as reserve currency
In an extraordinary statement, Citigroup (NYSE:C) analyst Dennis Gartman said the major reason for the unique behavior of gold in regard to its usual inverse relationship with the U.S. dollar has changed, is people are now considering gold to be a real reserve currency, equal to the U.S. dollar.
Of course for some that follow these things closely, they've believed that for years, but to see this in the mainstream media is a major story, to say the least.
So when the U.S. dollar goes up and gold goes up with it, that's a sign that many investors now consider gold as much of a reserve currency as the dollar is. And Gartman added this isn't just a fad, but a "trend [that] shall continue months, if not years, into the future."
Gold as reserve currency
Showing posts with label Gold News. Show all posts
Showing posts with label Gold News. Show all posts
Friday, March 19, 2010
Thursday, March 11, 2010
Newmont Mining (NYSE:NEM) Drops Airline on Safety Concerns
Newmont Mining Citylink Contract
Newmont Mining (NYSE:NEM) ended its contract with Citylink in Ghana, along with Goldfields Ghana doing the same, based on safety concerns for their people and equipment after an inspection which led to the ending of the transportation contract.
The safety audit was performed by two independent experts from two different firms, both which found problems and concerns they let the gold mining companies know about.
Citylink authorities defended their record, saying they fly an average of 300 times a month and have never had an incident.
Of course now that the aviation experts made their assessment, if anything were to happen now it would be on the mining companies, forcing them to break the contract as I see it.
Newmont Mining Citylink Contract
Newmont Mining (NYSE:NEM) ended its contract with Citylink in Ghana, along with Goldfields Ghana doing the same, based on safety concerns for their people and equipment after an inspection which led to the ending of the transportation contract.
The safety audit was performed by two independent experts from two different firms, both which found problems and concerns they let the gold mining companies know about.
Citylink authorities defended their record, saying they fly an average of 300 times a month and have never had an incident.
Of course now that the aviation experts made their assessment, if anything were to happen now it would be on the mining companies, forcing them to break the contract as I see it.
Newmont Mining Citylink Contract
Tuesday, March 9, 2010
Newmont Mining (NYSE:NEM), IAMGOLD (NYSE:IAG) Sell Silidor Mine
IAMGOLD and Newmont Mining sell Silidor Project
Newmont Mining (NYSE:NEM) and IAMGOLD (NYSE:IAG) sold their stakes in the Silidor property to Visible Gold Mines.
The acquisition will be through the issuing of common shares to the two companies by Visible Gold Mines, with Newmont receiving 55 percent and IAMGOLD 45 percent.
The entire stake is being sold, as Visible Gold Mines takes over the entire property. Visible is a natural resource mining company.
Newmont Canada Corporation, the actual company selling its stake, is a subsidiary of Newmont Mining.
IAMGOLD and Newmont Mining sell Silidor Project
Newmont Mining (NYSE:NEM) and IAMGOLD (NYSE:IAG) sold their stakes in the Silidor property to Visible Gold Mines.
The acquisition will be through the issuing of common shares to the two companies by Visible Gold Mines, with Newmont receiving 55 percent and IAMGOLD 45 percent.
The entire stake is being sold, as Visible Gold Mines takes over the entire property. Visible is a natural resource mining company.
Newmont Canada Corporation, the actual company selling its stake, is a subsidiary of Newmont Mining.
IAMGOLD and Newmont Mining sell Silidor Project
NovaGold Resources Inc. (TSE:NG) Completes Stock Offering
NovaGold Resources Common Shares Offering
NovaGold Resources Inc. (TSE:NG) announced it has completed and closed it common share stock offering, raising $100 million ($99,999,999) from the $5.50 a share they received for them.
Paulson & Co. bought the shares in a non-brokered deal. The financing will officially close on March 11.
NovaGold said they'll use the capital primarily for development and exploration of several of their properties, Ambler property, Donlin Creek, Galore Creek and Rock Creek.
Some of the funds could be used for future acquisitions by the company as well.
NovaGold Resources Common Shares Offering
NovaGold Resources Inc. (TSE:NG) announced it has completed and closed it common share stock offering, raising $100 million ($99,999,999) from the $5.50 a share they received for them.
Paulson & Co. bought the shares in a non-brokered deal. The financing will officially close on March 11.
NovaGold said they'll use the capital primarily for development and exploration of several of their properties, Ambler property, Donlin Creek, Galore Creek and Rock Creek.
Some of the funds could be used for future acquisitions by the company as well.
NovaGold Resources Common Shares Offering
Barrick Gold (TSE:ABX) and Kinross Gold (TSE:K) Down
Barrick Gold and Kinross Gold Share Price
Barrick Gold (TSE:ABX) and Kinross Gold (TSE:K) were down some yesterday, as lower gold prices put downward pressure on the gold production companies.
Much of this was related to those moving out of their hedging positions in relationship to the very volatile currency market, along with some technical selling which took place.
Barrick Gold and Kinross Gold Share Price
Barrick Gold (TSE:ABX) and Kinross Gold (TSE:K) were down some yesterday, as lower gold prices put downward pressure on the gold production companies.
Much of this was related to those moving out of their hedging positions in relationship to the very volatile currency market, along with some technical selling which took place.
Barrick Gold and Kinross Gold Share Price
Sunday, March 7, 2010
Goldcorp's (NYSE:GG) Competitive Advantage
Goldcorp's Competitive Advantage
Goldcorp (NYSE:GG) has positioned itself strongly at the best time, as the gold production company has lower costs and the right properties to continue performing strongly in the years ahead for gold investors.
At a time when most gold companies are struggling to create value, Goldcorp stands out, as over the last 15 years the company has generated close to 20 percent in returns for shareholders during that time.
Goldcorp just about has everything going for it. Scale with their numerous gold mining properties, cost control because of some low cost regions they have properites, and overall operating in stable regions where the likelihood of turmoil or geopolitical problems aren't likely to happen.
The best thing about Goldcorp is it's only costing them about $350 an ounce to produce the gold, at a time when it's probably gold won't be dropping below $1,000 an ounce for years to come.
Couple that with ongoing economic woes around the world, and Goldcorp is poised to bring investors solid returns for many years into the future.
Goldcorp's Competitive Advantage
Goldcorp (NYSE:GG) has positioned itself strongly at the best time, as the gold production company has lower costs and the right properties to continue performing strongly in the years ahead for gold investors.
At a time when most gold companies are struggling to create value, Goldcorp stands out, as over the last 15 years the company has generated close to 20 percent in returns for shareholders during that time.
Goldcorp just about has everything going for it. Scale with their numerous gold mining properties, cost control because of some low cost regions they have properites, and overall operating in stable regions where the likelihood of turmoil or geopolitical problems aren't likely to happen.
The best thing about Goldcorp is it's only costing them about $350 an ounce to produce the gold, at a time when it's probably gold won't be dropping below $1,000 an ounce for years to come.
Couple that with ongoing economic woes around the world, and Goldcorp is poised to bring investors solid returns for many years into the future.
Goldcorp's Competitive Advantage
Friday, March 5, 2010
New Gold (AMEX:NGD): Gold Production Increasing
New Gold Production
Gold production from New Gold (AMEX:NGD) has been revised upwardly from between 330,000 to 360,000 ounces for 2010. That is in contrast to 310,773 ounces in 2009.
New Gold has operational mines in the U.S. and Australia, and projects are being developed in Canada and Chile.
In their recent quarterly report, New Gold said gold production in the fourth quarter reahced 111,672 ounces, an increase of 41 percent from the year before at the same time.
Revenue exploded for the company in fourth quarter, surging to $131.8 million, a big increase from the $36.7 million. Much of that was attributed to higher gold prices and increased production at their Mesquite mine.
New Gold Production
Gold production from New Gold (AMEX:NGD) has been revised upwardly from between 330,000 to 360,000 ounces for 2010. That is in contrast to 310,773 ounces in 2009.
New Gold has operational mines in the U.S. and Australia, and projects are being developed in Canada and Chile.
In their recent quarterly report, New Gold said gold production in the fourth quarter reahced 111,672 ounces, an increase of 41 percent from the year before at the same time.
Revenue exploded for the company in fourth quarter, surging to $131.8 million, a big increase from the $36.7 million. Much of that was attributed to higher gold prices and increased production at their Mesquite mine.
New Gold Production
Newmont (NYSE:NEM) CEO Pay Down 38.7 Percent
Newmont Mining Executive Pay
Newmont Mining (NYSE:NEM) CEO Richard O'Brien had an off year in pay, but that wasn't because of performance, as it was largely based on his taking of a large stock option award the year before.
In 2009 O'Brien earned $6.3 million in overall compensation, while in 2008 it stood at $10.3 million.
The stocks and options offered O'Brien in 2008 were valued at $3.08 by Newmont, which accounted for most of the fall in compensation he received in 2009, equal to 38.7 percent.
Newmont Mining Executive Pay
Newmont Mining (NYSE:NEM) CEO Richard O'Brien had an off year in pay, but that wasn't because of performance, as it was largely based on his taking of a large stock option award the year before.
In 2009 O'Brien earned $6.3 million in overall compensation, while in 2008 it stood at $10.3 million.
The stocks and options offered O'Brien in 2008 were valued at $3.08 by Newmont, which accounted for most of the fall in compensation he received in 2009, equal to 38.7 percent.
Newmont Mining Executive Pay
Wednesday, March 3, 2010
Newcrest Mining (NCM:AX) Gains on Gold Prices Rising
Newcrest Mining
Gold prices continuing to rise are helping many gold mining companies, and that's the case with the largest producer of gold in Australia, Newcrest Mining (NCM:AX), which surged by 1.5 percent to A$33.43.
As currencies continue to remain under pressure with dubious economic data and sovereign-debt concerns remaining high, gold could be pushed a lot higher in the months ahead.
Newcrest Mining
Gold prices continuing to rise are helping many gold mining companies, and that's the case with the largest producer of gold in Australia, Newcrest Mining (NCM:AX), which surged by 1.5 percent to A$33.43.
As currencies continue to remain under pressure with dubious economic data and sovereign-debt concerns remaining high, gold could be pushed a lot higher in the months ahead.
Newcrest Mining
Marc Faber: Gold Versus Currencies
Marc Faber on Gold and Currencies
Talking about gold recently, Marc Faber stated he believes that gold prices bottomed out as of February 5, and we'll continue to see them rise.
Faber added that two of the more important currencies in the world - the U.S. dollar and the euro - will continue to to drop in value against gold, and "all" paper currencies will do the same over a period of time.
There's nothing to suggest any of this will change any time soon either, as reports continue to conclude we're far from being over the recession, and there's a lot of pain to come, a climate gold investment and gold prices thrive in.
Marc Faber on Gold and Currencies
Talking about gold recently, Marc Faber stated he believes that gold prices bottomed out as of February 5, and we'll continue to see them rise.
Faber added that two of the more important currencies in the world - the U.S. dollar and the euro - will continue to to drop in value against gold, and "all" paper currencies will do the same over a period of time.
There's nothing to suggest any of this will change any time soon either, as reports continue to conclude we're far from being over the recession, and there's a lot of pain to come, a climate gold investment and gold prices thrive in.
Marc Faber on Gold and Currencies
Tuesday, March 2, 2010
Red Back Mining (TSE:RBI) Reserves Increasing
Red Back Mining Gold Reserves
Red Back Mining (TSE:RBI) has enjoyed some good news over the last several days as reports of increased reserves continue, this time, again, at their Tasiast Mine in Mauritania.
Proven reserves overall were increased by 64 percent to about 5 million ounces, bringing the total to 49.4 million tons. That is graded at 1.36 grams a ton.
For reserves graded at 1.4 grams a ton, probable reserves are at around 61.5 million tons.
CEO and President fo Red Back Mining, Rick Clark said the company is looking "forward to reporting further Reserve increases and other exploration results in the coming months."
Red Back Mining Gold Reserves
Red Back Mining (TSE:RBI) has enjoyed some good news over the last several days as reports of increased reserves continue, this time, again, at their Tasiast Mine in Mauritania.
Proven reserves overall were increased by 64 percent to about 5 million ounces, bringing the total to 49.4 million tons. That is graded at 1.36 grams a ton.
For reserves graded at 1.4 grams a ton, probable reserves are at around 61.5 million tons.
CEO and President fo Red Back Mining, Rick Clark said the company is looking "forward to reporting further Reserve increases and other exploration results in the coming months."
Red Back Mining Gold Reserves
Newmont Mining (NYSE:NEM) Sells Amulsar Gold Project
Newmont Mining Sells Stake in Amulsar Gold Project to Lydia International
Newmont Mining (NYSE:NEM) has sold its stake in the Amulsar Gold Project in Armenia to partner Lydian International Ltd (TSE:LYD), in deal involving cash and stock.
Terms of the deal include Geoteam C.J.S.C., a division of Lydia, to acquire the company for $15 million in cash, along with close to 3 million in shares of the company. The $15 million will reportedly be paid in three $5 million installments.
The overall deal values the Amulsar Gold Project at close to $25 million, after applying a 10 percent discount rate.
After the deal closes, Newmont will completely exit the joint venture and Geoteam will totally own the Amulsar Gold Project at that time.
Lydian Chief Executive Officer Tim Coughlin said the reason for the deal was to get the "Amulsar gold project into production by 2013."
Newmont Mining Sells Stake in Amulsar Gold Project to Lydia International
Newmont Mining (NYSE:NEM) has sold its stake in the Amulsar Gold Project in Armenia to partner Lydian International Ltd (TSE:LYD), in deal involving cash and stock.
Terms of the deal include Geoteam C.J.S.C., a division of Lydia, to acquire the company for $15 million in cash, along with close to 3 million in shares of the company. The $15 million will reportedly be paid in three $5 million installments.
The overall deal values the Amulsar Gold Project at close to $25 million, after applying a 10 percent discount rate.
After the deal closes, Newmont will completely exit the joint venture and Geoteam will totally own the Amulsar Gold Project at that time.
Lydian Chief Executive Officer Tim Coughlin said the reason for the deal was to get the "Amulsar gold project into production by 2013."
Newmont Mining Sells Stake in Amulsar Gold Project to Lydia International
Monday, March 1, 2010
Kinross Gold (NYSE:KGC) Appointed to Russia's FIAC
Kinross Gold Appointed to FIAC of Russia
The appointment of Kinross Gold (NYSE:KGC) to the Foreign Investment Advisory Council (FIAC) of Russia, makes them the only company from Canada to be on the council.
Kinross has had a presence in Russia since 1995, and operationally runs the Kupol gold-silver mine in the Chukotka region of the Russian Federation. They have a 75 percent stake in the Chukotka Mining and Geological Company, while the the other 25 percent of the company is owned by the Chukotka government.
The FIAC includes 42 CEOs of companies doing business in Russia, and focuses on increasing the quality of the Russian business investment sector.
Russian Prime Minister Vladimir Putin chairs the council.
Kinross Gold Appointed to FIAC of Russia
The appointment of Kinross Gold (NYSE:KGC) to the Foreign Investment Advisory Council (FIAC) of Russia, makes them the only company from Canada to be on the council.
Kinross has had a presence in Russia since 1995, and operationally runs the Kupol gold-silver mine in the Chukotka region of the Russian Federation. They have a 75 percent stake in the Chukotka Mining and Geological Company, while the the other 25 percent of the company is owned by the Chukotka government.
The FIAC includes 42 CEOs of companies doing business in Russia, and focuses on increasing the quality of the Russian business investment sector.
Russian Prime Minister Vladimir Putin chairs the council.
Kinross Gold Appointed to FIAC of Russia
Insiders Buying Barrick Gold (NYSE:ABX)
Barrick Gold Insiders Buying
If the actions by some of Barrick Gold (NYSE:ABX) executives last week are an accurate measure, than there is a strong possibility they feel their company is undervalued and there is room for the share price to move up.
Two major company insiders bought shared in Barrick Gold last week, including CEO Aaron Regent and chairman of the board, Peter Munk.
Munk acquired 38,500 shares, while Regent acquired 25,000 shares. Munk bought at a little better price, paying $39.32 for his shares, while Regent ended up paying $39.64 a share.
Barrick Gold Insiders Buying
If the actions by some of Barrick Gold (NYSE:ABX) executives last week are an accurate measure, than there is a strong possibility they feel their company is undervalued and there is room for the share price to move up.
Two major company insiders bought shared in Barrick Gold last week, including CEO Aaron Regent and chairman of the board, Peter Munk.
Munk acquired 38,500 shares, while Regent acquired 25,000 shares. Munk bought at a little better price, paying $39.32 for his shares, while Regent ended up paying $39.64 a share.
Barrick Gold Insiders Buying
Friday, February 26, 2010
Eldorado Gold (NYSE:EGO) in Gold Bull Market
Eldorado Gold Bull Market
With holdings in a number of European, Asian and South American countries, Eldorado Gold (NYSE:EGO) looks like a good play in the ongoing gold bull market.
There is no doubt with recently released data from the Labor Department and Commerce Department of the United States that the recession is continuing on, and gold will continue to be one of the few reliable and predictable places to put your money in the mid-term.
Along with that, the Federal Reserve and Ben Bernanke refuse to stop their money printing press, and so inflation is inevitable, and along with the sovereign debt issues in a number of countries in the European Union (PIIGS), gold will continue to be a safety haven for some time to come.
Eldorado Gold (NYSE:EGO) is in a good position to take advantage of those realities and will perform well for investors.
Eldorado Gold Bull Market
With holdings in a number of European, Asian and South American countries, Eldorado Gold (NYSE:EGO) looks like a good play in the ongoing gold bull market.
There is no doubt with recently released data from the Labor Department and Commerce Department of the United States that the recession is continuing on, and gold will continue to be one of the few reliable and predictable places to put your money in the mid-term.
Along with that, the Federal Reserve and Ben Bernanke refuse to stop their money printing press, and so inflation is inevitable, and along with the sovereign debt issues in a number of countries in the European Union (PIIGS), gold will continue to be a safety haven for some time to come.
Eldorado Gold (NYSE:EGO) is in a good position to take advantage of those realities and will perform well for investors.
Eldorado Gold Bull Market
Thursday, February 25, 2010
Gold Rising 30% in 2010?
Gold Rising 30% in 2010
According to the London Market Bullion Association, gold could rise close to 30 percent in 2010, as continual concerns over central banks printing money, sovereign defaults, quantitative easing and outrageous government stimulus programs weigh on the minds of investors.
It's unknown what will happen if the British pound collapses, as a number of investment experts like Jim Rogers and Marc Faber are predicting, and that could cause gold prices to go through the roof as investors and consumers look for somewhere safe to place their money.
Now that the government stimulus programs have been proven to be mass failures, the growing realization we aren't close to being out of the recession yet is settling on people, and that will cause even more to move toward gold as a haven.
In the short term it doesn't look like any new gold mines are coming online either, making gold a possible rare commodity as funds continue to buy physical gold to back them up. That is another possible factor which could move gold prices higher in 2010 and beyond.
Gold Rising 30% in 2010
According to the London Market Bullion Association, gold could rise close to 30 percent in 2010, as continual concerns over central banks printing money, sovereign defaults, quantitative easing and outrageous government stimulus programs weigh on the minds of investors.
It's unknown what will happen if the British pound collapses, as a number of investment experts like Jim Rogers and Marc Faber are predicting, and that could cause gold prices to go through the roof as investors and consumers look for somewhere safe to place their money.
Now that the government stimulus programs have been proven to be mass failures, the growing realization we aren't close to being out of the recession yet is settling on people, and that will cause even more to move toward gold as a haven.
In the short term it doesn't look like any new gold mines are coming online either, making gold a possible rare commodity as funds continue to buy physical gold to back them up. That is another possible factor which could move gold prices higher in 2010 and beyond.
Gold Rising 30% in 2010
David Einhorn: Gold and Government
David Einhorn on Gold
Speaking at the Value Investing Congress recently, David Einhorn of Greenlight Capital, revealed the reasons he felt gold was a solid investment into the future.
Looking at it from a slightly different point of view, Einhorn said in his opinion, gold does the best based on the fiscal policies being enacted. When the Federal Reserve and other central banks ramp up their printing presses, gold does well, when they deal with it like Paul Volcker did in the 1970s, gold does poorly. And obviously, we're not in a Volcker-like environment at this time.
Unless the government starts wising up and takes the right course of action, Einhorn said gold will do good for some time to come.
With the sovereign debt of a number of nations in serious trouble, and in danger of default, Einhorn looks at that and any currency crisis as markers that gold will do well in those circumstances too.
Taking into consideration the horrid economic policies of the Obama administration, gold has a bright and long future ahead of it for those investing in gold.
David Einhorn on Gold
Speaking at the Value Investing Congress recently, David Einhorn of Greenlight Capital, revealed the reasons he felt gold was a solid investment into the future.
Looking at it from a slightly different point of view, Einhorn said in his opinion, gold does the best based on the fiscal policies being enacted. When the Federal Reserve and other central banks ramp up their printing presses, gold does well, when they deal with it like Paul Volcker did in the 1970s, gold does poorly. And obviously, we're not in a Volcker-like environment at this time.
Unless the government starts wising up and takes the right course of action, Einhorn said gold will do good for some time to come.
With the sovereign debt of a number of nations in serious trouble, and in danger of default, Einhorn looks at that and any currency crisis as markers that gold will do well in those circumstances too.
Taking into consideration the horrid economic policies of the Obama administration, gold has a bright and long future ahead of it for those investing in gold.
David Einhorn on Gold
Tuesday, February 23, 2010
Yamana Gold (TSE:YRI), Barrick Gold Corp. (TSE:ABX), Goldcorp (TSE:G) All Down
Yamana Gold, Barrick Gold Corp., Goldcorp
Yamana Gold (TSE:YRI), Barrick Gold Corp. (TSE:ABX), Goldcorp (TSE:G) were all down today as they helped lead a pullback in gold prices after nice gains earlier in the session for gold futures.
Some believe this is over the concerns that governments are removing stimulus measures which have been helping artificially prop up the markets.
As far as gold goes, this really doesn't have much if any effect on gold mining companies, but it's part of the pychology of investing, as we all know.
Yamana Gold, Barrick Gold Corp., Goldcorp
Yamana Gold (TSE:YRI), Barrick Gold Corp. (TSE:ABX), Goldcorp (TSE:G) were all down today as they helped lead a pullback in gold prices after nice gains earlier in the session for gold futures.
Some believe this is over the concerns that governments are removing stimulus measures which have been helping artificially prop up the markets.
As far as gold goes, this really doesn't have much if any effect on gold mining companies, but it's part of the pychology of investing, as we all know.
Yamana Gold, Barrick Gold Corp., Goldcorp
Monday, February 22, 2010
George Soros' Gold Contradictions
George Soros and Gold
Why is it that George Soros has said recently gold was "the ultimate asset bubble," and then not long before pour a ton of his money into it?
It think it's a little game Soros is playing in an attempt to throw investors off his trail, throwing out some confusion to keep them from putting some skin in the game.
There isn't a gold bubble right now, and historically a bubble of any sort is when the everyday person is throwing their money at something for the sole reason that everyone else is doing it. Until we see the average person on the street investing in gold, it won't be in a bubble.
This of course doesn't mean there won't be any corrections, just that a bubble is something that is going to burst, and until conditions change drastically, gold will be as solid as a performer as any other investment sector.
It's obvious George Soros is playing a little game by saying one thing while doing another, and he has to do that because of the requirements to report what he is investing because of rules related to companies with over $100 million in available to invest.
George Soros and Gold
Why is it that George Soros has said recently gold was "the ultimate asset bubble," and then not long before pour a ton of his money into it?
It think it's a little game Soros is playing in an attempt to throw investors off his trail, throwing out some confusion to keep them from putting some skin in the game.
There isn't a gold bubble right now, and historically a bubble of any sort is when the everyday person is throwing their money at something for the sole reason that everyone else is doing it. Until we see the average person on the street investing in gold, it won't be in a bubble.
This of course doesn't mean there won't be any corrections, just that a bubble is something that is going to burst, and until conditions change drastically, gold will be as solid as a performer as any other investment sector.
It's obvious George Soros is playing a little game by saying one thing while doing another, and he has to do that because of the requirements to report what he is investing because of rules related to companies with over $100 million in available to invest.
George Soros and Gold
Saturday, February 20, 2010
Peter Schiff Still Likes Gold
Peter Schiff Gold
In a recent interview, Peter Schiff maintains that he still like gold and expected it to go much higher. Schiff added it doesn't matter which currency you look at gold through, it still looks strong going forward.
While liking gold in general, Schiff also mentioned gold miners will do well during the time goes up as well.
The primary impetus of gold says Schiff is fears over inflation from the fiat money being created.
Peter Schiff Gold
In a recent interview, Peter Schiff maintains that he still like gold and expected it to go much higher. Schiff added it doesn't matter which currency you look at gold through, it still looks strong going forward.
While liking gold in general, Schiff also mentioned gold miners will do well during the time goes up as well.
The primary impetus of gold says Schiff is fears over inflation from the fiat money being created.
Peter Schiff Gold
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