It makes sense if you set your brains’ controls on “11” while you happen to be entering a tunnel and then spill Pepsi on the dashboard, LOL.
If you ask 2 economists "How are things going?" ....you'll get at least 3 opinions.
Me? Well, I think that things aren't going very well, but it ain't the end of the world yet, either.
He’s right. We’ve fixed none of the fundamentals and have, instead, gone at our economy with a Marxist wrecking ball.
When did Noah prepare the Ark? BEFORE the flood...
Also, consider that for the value to reach $5000, that would be a ratio of dollars to the commodity. Considering the debt problem is world wide, not isolated into a single country, supply and demand may take a hold and you may not have someone or a country willing to pay this much as their currency is crashing as well.
I think $5000 gold is plausible, but it would come in large part due to dollar devaulation, which will mean that the Dow will tend to be priced high due to inflation.
Of course, gold just dropped 2% in the last hour, so who knows.
Peter was right about the housing collapse, but I think he was premature about the gold boom. I have no gold at all but wish I did.
And don’t tell anyone, but silver has farther to move upward than gold. ;)
Some of the German investment banks are predicting $2000+ per ounce over the next couple years, so $5000 over the next several years is not impossible. Supposedly the Chinese are urging their people to buy silver, so that would also mean some gold purchases also.
Gold and silver BOTH are dropping like rocks... 7:49 Pacific time and both are going straight down on the charts. What the heck is going on? http://www.kitco.com/charts/livesilver.html
uplift ping
RUN FOR THE HILLS !
Ping for your expert opinion, if you are so inclined.
Thanks.
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.
My wife’s going to be eatin’ crow !!!
If Obama gets what he wants, this is probably very close.
Obama may be running out of road on spending. His polling is terrible, and recovery is near so the “opportunity crisis” is passing.
The question is whether the damage already done is enough to sink us, or if another “crisis” will require more idiot spending.
Given the money printing, and debt montetization I’m not sure how he could be wrong - in the medium/long term.
Could be six months, could be six years unless some magical unicorns start producing golden Skittles we can use to balance our budget.
At that point, lead+brass+primer+powder will be worth way more...