Peter Schiff explains the sharp drop in Silver market
Peter Schiff : ...nothing goes up on a straight line silver had certainly gone ahead of itself the gold silver ratio was way in silver's favor in a very short period of time , so it makes sense that we have a pull back especially from a level like fifty ($50/oz) which was the record high going back to 1980 so it certainly makes sense that we got a pull back ..now the catalyst could have been Bin Laden but Peter Schiff doubts it that could be a coincidence a lot of time the markets look for any kind of catalyst to do what they want to do anyway and it's clear that a lot of speculators got into the market
Peter Schiff is a well-known commentator appearing regularly on CNBC, TechTicker and FoxNews. He is often referred to as "Doctor Doom" because of his bearish outlook on the economy and the U.S. Dollar in particular. Peter was one of the first from within the professional investment field to call the housing market a bubble. Peter has written a book called "Crash Proof" and a follow-on called "The Little Book of Bull Moves in Bear Markets". He is the President of EuroPacific Capital, which is a brokerage specializing in finding dividend-yielding, value-based foreign stocks.