Tuesday, July 8, 2014

Schiff Makes Case for Gold, but Gartman Not Buying it

Peter Schiff, the CEO of Euro Pacific Capital, is one of gold's biggest proponents; Dennis Gartman, the editor of "The Gartman Letter" who is sometimes called "The Commodities King," refuses to buy the metal in U.S. dollar terms.

So who will be proven right?

On Tuesday's "Futures Now," the two gold experts debated the issue directly.

"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."