I'm investing in these:
Posted on 09/24/2009 7:37:14 AM PDT by madison10
Unlike the "legitimate bull markets" of many foreign markets, Peter Schiff believes the U.S. is merely experiencing a "rally in a bear market," and is lagging the rest of the world "for a reason."
The worst is not over, according to Euro Pacific Capital's Schiff, who predicts the Dow will fall another 90% from current levels when measured against gold.
A longtime dollar bear and gold bull, he foresees gold hitting $5000 per ounce "in the next couple of years," and predicts the Dow and gold will trade on a one-to-one ratio vs. the current level of around 9.7-to-1.
Schiff believes gold is currently "climbing a wall of worry" but will eventually become as hot as tech stocks in 1999 and start moving up $100 per day.
Schiff's forecast is based on his view the U.S. dollar is going to collapse under the weight of our massive deficit and reckless policies of the Obama administration, which he compares to the massive spending programs of the 1960s, which paved the way for gold's ascent in the 1970s. "Obama is making the same mistakes as Bush, but he's doing them on a grander scale," says Schiff, who is running for U.S. Senate in Connecticut as a Republican...
(Excerpt) Read more at finance.yahoo.com ...
Someone is making it easy to buy up those commodities? Sure makes them less attractive as any sort of safety net.
I'm investing in these:
If the GOP makes significant progress in getting back House seats in 2010, and many polls point to that at this time, Mr. Obama’s high spending, socialist ways will be over soon.
Gold bugs made their profit, now they are cashing it in. This will drop the price, then they'll jump back in..
Ping for your expert opinion, if you are so inclined.
Thanks.
Plus oil is down like $7 bbl in the last two days or so...
Less cryptically, if one sees current conditions, gets an idea in one’s head, and then makes a linear-extrapolation prediction based on them, assuming no amount of government control or intervention can have any effect and TPTB will just let things go....then that is ONE among several possible outcomes.
I actually like Peter Schiff, but his fund was absolutely butchered last year. Way beyond what the market benchmark did.
The problem with doomsday scenarios in general is that if you’re early, it can be awkward. If you’re wrong, you could end up broke.
I don’t think it would *hurt* folks to own gold, but IMO it *will not work* to preserve your overall buying power *unless*: a: You put the overwhelming amount of your net worth into it, which is an allocation/nondiversification error on its face or b: gold happens to quad/quintuple, as Schiff says, and you have your 10-20% in it.
“What the heck is going on?”
Someone realized that gold is a scam.
Gold is not an investment. At best, own some gold coins as part of a “get the heck out of dodge” fund.
Which, as things are going, is probably a good thing to have. May have use them to bribe a border guard in Costa Rica someday.
My wife’s going to be eatin’ crow !!!
I pray that you’re right, but if cap-and-trade and nationalized healthcare passes, no republican will overturn that.
If Obama gets what he wants, this is probably very close.
| Gerald Celenti said last night that they are going to manipulate the dollar’s strength upwards again.
I don't know that gold could hit $5,000... that would mean $12-$13 gasoline and The Even Greater Depression. But $2,000 gold (with $5 gasoline) is quite possible given the way our Congress (and apparently a majority of our voters) seem to think that "federal funds" are a limitless source of free money. |
Things are grim, but I have a feeling that we will dig ourselves out of this before much longer. ....in general, I agree, but it depends on what your definition of "much longer" is. :-) I think that The Christmas season is going to be a cold bucket of water to the face, for a lot of people. Unemployment is still high, and more critically - the number of people receiving pay cuts is not being tracked / well publicized. Anecdotally, I can think of several dozen people that I know who have taken pay cuts/mandatory furloughs. That's not including myself, or the hundreds I work with. 10% of my salary is not a fortune, but more-or-less, those are my discretionary funds that I'm a little freer with spending.
I think that if either Cap and Tax or Health Care gets passed, then we're in for a much longer road to recovery. Honest to Goodness, I've no idea if either of them will pass. I'd like to think not, but Dems have managed to muddle the issue so well that it's hard to get a good read on either one of the bills.
He is not a likable figure, and he has no sense of humor. He also uses the word “I” frequently. .......yep. That, and a lot of people wanted to be "Hip" and "Cool" and "A part of history" by voting for him. Now, they've been there and done that. On to the next American Idol in 2012.
After only eight/nine months in office no less.
Well, wbill, we’ll see about all of this.
I think the town meeting anger we witnessed in August and early September is a harbinger. A lot of people are very angry at what this Congress and Mr. Obama are trying to do.
Which reminds me, do you know why a beer is better than Barack Obama? Well, it’s a got a better head on it, and it won’t raise your taxes!
Keep the faith!
I am moving to YAP....woohoo.
Re: Celente - Do you have a weblink to his interview? I try to keep up with his interviews.
HEY! That's a great idea. I have at least 10k lbs of salt.
Regards,
TS
Actually, salt prices have almost doubled in the last 18 months.
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Yeah? How does he think "they" are going to do that? Currency traders are very smart and very ruthless. So are the Chinese, who have had to become currency traders by necessity. Fooling any of them into thinking that the dollar is strong is not one of the available options. Unlike liberal voters, currency traders are not economic illiterates. They see the Fed monetizing Treasury debt, and they know exactly what that means. And it isn't a stronger dollar.