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By Peter Schiff Two persistent myths convince gold bears that the price of gold will remain low - a looming series of interest rate hikes from the Federal Reserve and the fact that gold did not rally during the last round of quantitative easing. Peter Schiff explains why both of these myths are ready to die following Friday's terrible job report. The silver price surged significantly higher on Friday's news, and Peter thinks it won't be long before gold also breaks out of its trading range. Investors are quickly running out of time to take advantage of these low prices. Stay tuned for a full transcript.0:04 - Friday's jobs data was much worse than the consensus forecast. 0:30 - Gold and silver rallied on the news, with silver trading at a 3-month high on Monday morning. 1:15 - Gold will follow silver's lead and break out to new highs. Bearish speculators have been keeping the price down, because they believe higher interest rates are coming. 2:00 - Even if the Fed raised interest rates, there is no historical evidence that this would be bearish for gold. 3:00 - Janet Yellen's rate hike pace would be even slower than the pace Alan Greenspan raised rates, which was very bullish for gold. 4:10 - Friday's economic data will mark the beginning of the wake up call to gold bears that the Fed is not going to raise rates. 4:52 - Even though QE3 was not bullish for gold, QE4 would be a completely different situation. 5:44 - The dollar is not going to have all the support of emerging market economies like it did during previous rounds of QE. 7:03 - Goldman Sachs is now saying the Fed is more likely to raise rates in 2017. 7:28 - There's a good chance that Q3 GDP could be negative, which means the United States could easily be in a recession by the end of 2015. 8:08 - The Fed has probably made the same mistake it did before the housing crash, overestimating the strength of the economy just as it was about to slip into a recession. http://schiffgold.com/
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