Peter Schiff on CNBC’s Fast Money November 26, 2009, discusses gold, the US Dollar and some US stocks that he owns.
I understand that the big shift is going to be wealth away from the United State, out of the dollar. America, our living standards are going to fall. The living standards in other countries are going to rise. I want to be on the receiving end of that wealth transfer. I want to own for myself and for my clients assets and currencies that are going to be rising in value relative to the United State.
The wealth transfer has certainly begun, and it began nearly a decade ago, as can be evidenced by the continuous rise in the price of gold since 2002. As the dollar continues to weaken, more money will flow from the US to safehavens around the world. Those safehavens may include precious metals like gold or silver, commodities like oil and agriculture producers, or even countries like China and Austrlia. The smart money sees the long term trend, and it is shifting out of the United States, much like it did right before the crash of 1987, when it moved to Japan.
Peter Schiff on Gold:
It can go down in the short run. Can it drop $100 or $200? Sure. But, I’m not worried about that. I’m looking at the long term. And unfortunately, the long-term is bright, because the picture is bleak for the US based on what The Federal Reserve and the government are doing to destroy our economy.
Forget short-term trading. Gold is a wealth protecting asset and will likely be one of the few assets that will maintain, if not appreciate, purchasing power over the coming decade. If you watch gold/silver in the short-term, then buy more on pullbacks or corrections, but selling in anticipation of a short-term drop may not be a sound decision.
(Best viewed with Internet Explorer)
It Took 22 Years to Get to This Point
Speaking to author and podcaster Dana Parish, former Centers for Disease Control and Prevention...
The United States just made a decision that could lead to World War 3. The current ruling class...
This article was originally published by Michael Snyder at The Economic Collapse Blog. This...
These warnings from Russia, are likely falling on deaf ears. Moscow has not followed through on...
Commenting Policy:
Some comments on this web site are automatically moderated through our Spam protection systems. Please be patient if your comment isn’t immediately available. We’re not trying to censor you, the system just wants to make sure you’re not a robot posting random spam.
This website thrives because of its community. While we support lively debates and understand that people get excited, frustrated or angry at times, we ask that the conversation remain civil. Racism, to include any religious affiliation, will not be tolerated on this site, including the disparagement of people in the comments section.
Wholeheartedly agree. Don’t sell in anticipation of a pullback – especially if you believe that your investment will go up much further in the long term. What if the pullback only lasts a week, then goes higher than where you sold it a week before? You’ll be kicking yourself. Actually, I don’t even like to try and wait for a pullback to buy something I like. If I like it, I just buy it. If a billionaire like Jim Rogers admits that he can’t time the market perfectly, what makes you think you can?
Comments…..how do we purchase the gold dollar?