Peter Schiff of Euro Pacific Precious Metals has a new video blog about the reasons for the recent massive decline in the price of gold. His view is that it is being driven by speculators who got in the market as gold was going up. These speculators are now buying into the headlines saying that that economy is recovering. Their view is that there is no inflation, the housing market is taking off, and the Fed is about to tighten.
Watch the video to get Schiff’s analysis of the situation: