Peter Schiff has become officially insane

[StageLeft]

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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.

...[gold will] start moving up $100 per day [!!!]

This is the guy who foresaw a lot of what has happened but, unfortunately for his clients, didn't make them any money at it.

Of course if it does hit a few thousand, even, it will be funny to bump this thread and laugh at myself, but it's certainly an extreme view. Has he been on Glenn Beck's show yet? They seem a perfect match.

 

[Craig234]

Originally posted by: Skoorb
Link

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.

...[gold will] start moving up $100 per day [!!!]

This is the guy who foresaw a lot of what has happened but, unfortunately for his clients, didn't make them any money at it.

Of course if it does hit a few thousand, even, it will be funny to bump this thread and laugh at myself, but it's certainly an extreme view. Has he been on Glenn Beck's show yet? They seem a perfect match.

More experts than not seem to say that the economy is being propped up by the massive bailouts/stimulus, and there are more shoes to drop.

Schiff tends to be much more to the extreme it seems.

On the other hand, is gold a great investment, forgetting the $5000 prediction? If it hits $1500 in a couple of years that's 25% a year.

 

[Atreus21]

Originally posted by: Craig234

Originally posted by: Skoorb
Link

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.

...[gold will] start moving up $100 per day [!!!]

This is the guy who foresaw a lot of what has happened but, unfortunately for his clients, didn't make them any money at it.

Of course if it does hit a few thousand, even, it will be funny to bump this thread and laugh at myself, but it's certainly an extreme view. Has he been on Glenn Beck's show yet? They seem a perfect match.

More experts than not seem to say that the economy is being propped up by the massive bailouts/stimulus, and there are more shoes to drop.

Schiff tends to be much more to the extreme it seems.

On the other hand, is gold a great investment, forgetting the $5000 prediction? If it hits $1500 in a couple of years that's 25% a year.

I've been kicking myself lately. A year ago I was looking at gold when it was at $700 and saying to mysef, "....it's got to be peaking. Just you wait."

GODDAMMIT!

 

[LegendKiller]

Originally posted by: Skoorb
Link

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.

...[gold will] start moving up $100 per day [!!!]

This is the guy who foresaw a lot of what has happened but, unfortunately for his clients, didn't make them any money at it.

Of course if it does hit a few thousand, even, it will be funny to bump this thread and laugh at myself, but it's certainly an extreme view. Has he been on Glenn Beck's show yet? They seem a perfect match.

He didn't "foresee" shit. He jumped on the bandwagon in 06/07. I "foresaw" this at least 2 years before he even began parroting his bullshit when I started discussing how stupid Orlando RE prices were.

Schiff is a fool.

 

[LegendKiller]

Originally posted by: Atreus21

Originally posted by: Craig234

Originally posted by: Skoorb
Link

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.

...[gold will] start moving up $100 per day [!!!]

This is the guy who foresaw a lot of what has happened but, unfortunately for his clients, didn't make them any money at it.

Of course if it does hit a few thousand, even, it will be funny to bump this thread and laugh at myself, but it's certainly an extreme view. Has he been on Glenn Beck's show yet? They seem a perfect match.

More experts than not seem to say that the economy is being propped up by the massive bailouts/stimulus, and there are more shoes to drop.

Schiff tends to be much more to the extreme it seems.

On the other hand, is gold a great investment, forgetting the $5000 prediction? If it hits $1500 in a couple of years that's 25% a year.

I've been kicking myself lately. A year ago I was looking at gold when it was at $700 and saying to mysef, "....it's got to be peaking. Just you wait."

GODDAMMIT!

A year ago gold had hit somewhere around 1k also.

 

[StageLeft]

Originally posted by: Craig234
On the other hand, is gold a great investment, forgetting the $5000 prediction?

It certainly might be. $5k is quite a claim, though.

 

[bamacre]

Originally posted by: Skoorb

Originally posted by: Craig234
On the other hand, is gold a great investment, forgetting the $5000 prediction?

It certainly might be. $5k is quite a claim, though.

He actually said "I wouldn't be surprised to see it at $5K in the next several years."

 

[TheSlamma]

Originally posted by: LegendKiller

Originally posted by: Skoorb
Link

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.

...[gold will] start moving up $100 per day [!!!]

This is the guy who foresaw a lot of what has happened but, unfortunately for his clients, didn't make them any money at it.

Of course if it does hit a few thousand, even, it will be funny to bump this thread and laugh at myself, but it's certainly an extreme view. Has he been on Glenn Beck's show yet? They seem a perfect match.

He didn't "foresee" shit. He jumped on the bandwagon in 06/07. I "foresaw" this at least 2 years before he even began parroting his bullshit when I started discussing how stupid Orlando RE prices were.

Schiff is a fool.

I was going to say.. the fools that didn't see this coming were just in a dreamland. Tehre were no predictions to be made here.

I didn't know much of anything about the sub-prime issues, but I saw something that didn't make sense or could possibly keep going when couples that combine for $60K a year buying $280,000 houses. I don't care if those were honest loans at 5% fixed there is no way that can be kept up.

Gluttony always has to make it's payment eventually.

 

[Special K]

Originally posted by: bamacre

Originally posted by: Skoorb

Originally posted by: Craig234
On the other hand, is gold a great investment, forgetting the $5000 prediction?

It certainly might be. $5k is quite a claim, though.

He actually said "I wouldn't be surprised to see it at $5K in the next several years."

Historically gold has been a poor long-term investment and gets absolutely slaughtered by stocks.

 

[LegendKiller]

Originally posted by: bamacre

Originally posted by: Skoorb

Originally posted by: Craig234
On the other hand, is gold a great investment, forgetting the $5000 prediction?

It certainly might be. $5k is quite a claim, though.

He actually said "I wouldn't be surprised to see it at $5K in the next several years."

What he did was make a prognostication that he can weasel out of in case he turns out to be flat wrong. It's how his acolytes (people like you) excuse his poor prognsotications.

It's called hedging, fence sitting, sandbagging, or, better put, waffling.

 

[halik]

Eh i would play the diversified dollar denominated commodities over one particular (and mostly useless) precious metal. If anything, platinum would be a better bet because its consumption comoves with industrial production where as the industrial demand for gold is minimal.


As far as people making the "gold has been a store of value for centuries" argument, they are ALL snake oil salesman.

Having worked in Investment Research at a large ibank, here's an insider clue: EVERY generic investment thesis is horseshit. Whether it's "population growth will drive demand for agribusiness products" or "there's only so much real estate, that's why it will always go up"... anything you can use interchangeably like that is bullshit.

Gold was a store of value in 1980 also, had you bought then you'd be in red for the next decade.

 

[LegendKiller]

Originally posted by: TheSlamma

Originally posted by: LegendKiller

Originally posted by: Skoorb
Link

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.

...[gold will] start moving up $100 per day [!!!]

This is the guy who foresaw a lot of what has happened but, unfortunately for his clients, didn't make them any money at it.

Of course if it does hit a few thousand, even, it will be funny to bump this thread and laugh at myself, but it's certainly an extreme view. Has he been on Glenn Beck's show yet? They seem a perfect match.

He didn't "foresee" shit. He jumped on the bandwagon in 06/07. I "foresaw" this at least 2 years before he even began parroting his bullshit when I started discussing how stupid Orlando RE prices were.

Schiff is a fool.

I was going to say.. the fools that didn't see this coming were just in a dreamland. Tehre were no predictions to be made here.

I didn't know much of anything about the sub-prime issues, but I saw something that didn't make sense or could possibly keep going when couples that combine for $60K a year buying $280,000 houses. I don't care if those were honest loans at 5% fixed there is no way that can be kept up.

Gluttony always has to make it's payment eventually.

Anybody could see how stupid things were getting. In 2003 when I moved to Orlando I began looking for a condo in a nice area with my fiancee. We went into one that was at $150k, a week later it sold for $210k. 2 years later, when I left Orlando, it sold for $390k.

About a 6 months before I left Orlando there was a HoJo on Kirkman that began condo conversion. Starting price for a 1br1bth was $270k. Think about that, a fucking Howard Johnson in a highly commercial area (and not a great one), going for $270k in *ORLANDO*.

What's funny is that was *BEFORE* Schiff and his toolbag of merry fools began to think things were overheated.

When I was at Capital One (working in their treasury/securitization department) I kept telling people the shit was going to start flying in 2007. Nobody believed me and in 2006 they kept going like everything was normal.


When I left C1 in March 2007, I was laughing my ass off that they were so ill prepared to deal with the potential problem. They made it through OK, but not great.

It is amusing that Schiff was still just starting to discuss the "problem", something most really knowledgable people had been discussing for 2 years.

He's a bag of wind and a waffling prognosticator, just like his minions.

 

[bamacre]

Originally posted by: Special K

Originally posted by: bamacre

Originally posted by: Skoorb

Originally posted by: Craig234
On the other hand, is gold a great investment, forgetting the $5000 prediction?

It certainly might be. $5k is quite a claim, though.

He actually said "I wouldn't be surprised to see it at $5K in the next several years."

Historically gold has been a poor long-term investment and gets absolutely slaughtered by stocks.

I don't disagree with that. Schiff's not recommending gold exclusively.

Generally, gold is more of an insurance policy than an investment.

 

[bamacre]

Originally posted by: LegendKiller

Originally posted by: bamacre

Originally posted by: Skoorb

Originally posted by: Craig234
On the other hand, is gold a great investment, forgetting the $5000 prediction?

It certainly might be. $5k is quite a claim, though.

He actually said "I wouldn't be surprised to see it at $5K in the next several years."

What he did was make a prognostication that he can weasel out of in case he turns out to be flat wrong. It's how his acolytes (people like you) excuse his poor prognsotications.

It's called hedging, fence sitting, sandbagging, or, better put, waffling.

Call it what you will, I was just pointing out the actual quote rather than what was portrayed in the article.

I imagine his clients have done well in 2009. Foreign markets have out-done the US. The dollar index is at or near it's 52-week low, while gold and silver at near their 52-week highs. I hate to even say this however, because this is short-term play, and Schiff is a long-term adviser.

 

[Modelworks]

$5000 ? I doubt it. If it does we are all screwed, we might as well all quit our jobs now and start preparing for the apocalypse. Having a stash of Krugerrand is not a bad idea though, I'm prepared to profit !

 

[dmcowen674]

Originally posted by: Skoorb
Topic Title: Peter Schiff has become officially insane
Topic Summary: Gold to hit $5000 in "next couple of years"

Don't forget oil will be at $300 a barrel too.

 

[Moonbeam]

Originally posted by: LegendKiller

Originally posted by: bamacre

Originally posted by: Skoorb

Originally posted by: Craig234
On the other hand, is gold a great investment, forgetting the $5000 prediction?

It certainly might be. $5k is quite a claim, though.

He actually said "I wouldn't be surprised to see it at $5K in the next several years."

What he did was make a prognostication that he can weasel out of in case he turns out to be flat wrong. It's how his acolytes (people like you) excuse his poor prognsotications.

It's called hedging, fence sitting, sandbagging, or, better put, waffling.

I wouldn't be surprised if you're right.

 

[Moonbeam]

Originally posted by: Moonbeam

Originally posted by: LegendKiller

Originally posted by: bamacre

Originally posted by: Skoorb

Originally posted by: Craig234
On the other hand, is gold a great investment, forgetting the $5000 prediction?

It certainly might be. $5k is quite a claim, though.

He actually said "I wouldn't be surprised to see it at $5K in the next several years."

What he did was make a prognostication that he can weasel out of in case he turns out to be flat wrong. It's how his acolytes (people like you) excuse his poor prognsotications.

It's called hedging, fence sitting, sandbagging, or, better put, waffling.

I wouldn't be surprised if you're right.

Yup and bread will be 300 dollars a loaf so I'm investing in bread ovens and putting on a few pounds with my dollars.

 

[CrackRabbit]

He sounds like one of those late night tv/radio commercials trying to coerce people in to buying gold stocks.

 

[JS80]

Eh, pretty stupid prediction (ESPECIALLY with such a short term timeline) IMO but I won't rule it out. Like halik said, it's a worthless shiny metal, but if everyone rushes to it in the event the dollar takes a huge dump and/or it is just outright revalued, I can see it going that high (or higher).

 

[Thump553]

Oil at $300 is more likely to me than gold at $5000. $5000 to me means hyperinflation and a complete collapse of the world economy, through world war or the equivalent.

I'm pretty leary of gold. Back in the high inflation days of the late 70's gold was skyrocketing up and went to the mid-$800s and all the "smart" experts were saying $1000 an ounce or more was imminent. In fact it took roughly twenty years to get back to the 1979 levels.

Schiff impresses me as the kind of "expert" who throws out all sorts of extreme (and qualified) opinions in the hope of one or two proving right. He also seems to be a broken record always predicting imminent economic collapse regardless of the circumstances.

Personally I believe the current runup in gold is irrational, but I'm not willing to bet on (or against) it. To quote John Maynard Keynes, the market can stay irrational longer than you can stay solvent.

 

[First]

Yet another prediction that will be completely, utterly wrong. He said gold would hit $2000 by this year, and said in September 07 that the dollar would lose 50% of its value by this year as well (its lost 6% of its value since he made that prediction). Then he said it would be impossible for the dollar to go up in January 08. It has gained slightly since that date, despite the recent run on the dollar vs. the Euro:

?Gold will end the year [2009] at $2000/ounce?. ? Peter Schiff 01/2008

"I wouldn't be surprised if the dollar lost half its value in the next couple years". - Peter Schiff 09/2007

?The dollar?s not going to make a comeback, I don?t care how much they talk it up. It?s impossible for the dollar to make a comback. You might as well ask me if pigs sprout wings can they fly. The dollar?s not going to go up?.? Peter Schiff 01/2008 (dollar was ~ $1.48 against the Euro at the time, currently is at $1.46)

http://www.youtube.com/watch?v=Z-Id1_BlkME

 

[StageLeft]

Originally posted by: First
Yet another prediction that will be completely, utterly wrong. He said gold would hit $2000 by this year, and said in September 07 that the dollar would lose 50% of its value by this year as well (its lost 6% of its value since he made that prediction). Then he said it would be impossible for the dollar to go up in January 08. It has gained slightly since that date, despite the recent run on the dollar vs. the Euro:

?Gold will end the year [2009] at $2000/ounce?. ? Peter Schiff 01/2008

"I wouldn't be surprised if the dollar lost half its value in the next couple years". - Peter Schiff 09/2007

?The dollar?s not going to make a comeback, I don?t care how much they talk it up. It?s impossible for the dollar to make a comback. You might as well ask me if pigs sprout wings can they fly. The dollar?s not going to go up?.? Peter Schiff 01/2008 (dollar was ~ $1.48 against the Euro at the time, currently is at $1.46)

http://www.youtube.com/watch?v=Z-Id1_BlkME

Good find. There's the "wouldn't be surprised" hedge Legend was talking about

Absolutely agree we will see $300 oil before $5000 gold, undoubtedly.

 

[Xellos2099]

Originally posted by: JS80
Eh, pretty stupid prediction (ESPECIALLY with such a short term timeline) IMO but I won't rule it out. Like halik said, it's a worthless shiny metal, but if everyone rushes to it in the event the dollar takes a huge dump and/or it is just outright revalued, I can see it going that high (or higher).

I won't exactly call it worthless metal. Considering a lot of the household electronic and computer have small amount of gold in it's circuit board.

 

[mizzou]

if gold gets too high, it will pour out of seemingly nowhere and drop it in a heartbeat.

Gold never disappears, it just varies in moral risks of retrieving it