Peter Schiff has become officially insane

[JS80]

Originally posted by: 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.

I would venture to guess half the value of spot gold right now is the speculative value, the other half being manufacturing value.

But still a worthless metal, there are alternative metals that can be used in place of gold.

 

[fskimospy]

Guys, Peter Schiff has been wrongly predicting disaster for years. He got this economic crisis right, but it's the equivalent of calling 15 on the roulette wheel every single time and after 30 or so losses, having 15 come up and saying "SEE I TOLD YOU SO!"

Why would anyone listen to this guy?

 

[Atreus21]

Originally posted by: 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.

Agh. Maybe it was two years ago then. I only remember the price.

 

[CallMeJoe]

Originally posted by: JS80
I would venture to guess half the value of spot gold right now is the speculative value, the other half being manufacturing value.
But still a worthless metal, there are alternative metals that can be used in place of gold.

I agree with you that little if any of the current run in gold prices is due to its industrial utility, but I have to disagree as to its fungibility; I know of no other metal with its peculiar properties. Gold seems uniquely suited as a contact coating for electronics with its durability, malleability and tarnish resistance.

 

[miketheidiot]

schiff is the dmcowen of finance

 

[alchemize]

Originally posted by: miketheidiot
schiff is the dmcowen of finance

:thumbsup:

 

[ebaycj]

Originally posted by: 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.

Not anymore. It's too expensive.

 

[Moonbeam]

I bet if I weren't so damn cynical I wouldn't think that Skoorb got bit by the gold bug, has images of shiny 5000 dollar gold pieces dancing in his dreams, and isn't here for a reality check before diving in.

 

[Modelworks]

Originally posted by: JS80

But still a worthless metal, there are alternative metals that can be used in place of gold.

It may be worthless but it is the one thing I can take to any country in the world and spend.

 

[First]

Originally posted by: Modelworks

Originally posted by: JS80

But still a worthless metal, there are alternative metals that can be used in place of gold.

It may be worthless but it is the one thing I can take to any country in the world and spend.

So can the U.S. dollar. Schiff and the wimps that support him, as usual, get it wrong with strikingly consistent frequency.

 

[Modelworks]

Originally posted by: First

Originally posted by: Modelworks

Originally posted by: JS80

But still a worthless metal, there are alternative metals that can be used in place of gold.

It may be worthless but it is the one thing I can take to any country in the world and spend.

So can the U.S. dollar. Schiff and the wimps that support him, as usual, get it wrong with strikingly consistent frequency.

While the US dollar is accepted most places, it is still not as good as gold.

 

[First]

Originally posted by: Modelworks

Originally posted by: First

Originally posted by: Modelworks

Originally posted by: JS80

But still a worthless metal, there are alternative metals that can be used in place of gold.

It may be worthless but it is the one thing I can take to any country in the world and spend.

So can the U.S. dollar. Schiff and the wimps that support him, as usual, get it wrong with strikingly consistent frequency.

While the US dollar is accepted most places, it is still not as good as gold.

You're right, it's far better. The fact that gold and not dollars may be accepted in some extraordinarily remote parts of the world means next to nothing.

 

[LegendKiller]

Originally posted by: Modelworks

Originally posted by: First

Originally posted by: Modelworks

Originally posted by: JS80

But still a worthless metal, there are alternative metals that can be used in place of gold.

It may be worthless but it is the one thing I can take to any country in the world and spend.

So can the U.S. dollar. Schiff and the wimps that support him, as usual, get it wrong with strikingly consistent frequency.

While the US dollar is accepted most places, it is still not as good as gold.

Gold is only rare and desirable for jewelery. The vast majority of it is used for those purposes. It's only backed by the fiat nature of human desire, that's it.

However, the dollar is backed by the world's largest nuclear arsenal, 11 supercarriers, thousands of tanks and the world's premier professional army, not to mention an economy almost as large as all of europe, the best tech/IP industry in the world, the best drug companies in the world, the largest producer of agricultural products in the world, and the largest manufacturing base in the world (double japan, more than 50% larger than China).

Personally, I'll take the nuclear arsenal, 11 supercarriers, biggest/best army, and biggest/best economy. You can keep your shiny metal.

 

[Craig234]

Originally posted by: LegendKiller

Gold is only rare and desirable for jewelery. The vast majority of it is used for those purposes. It's only backed by the fiat nature of human desire, that's it.

However, the dollar is backed by the world's largest nuclear arsenal, 11 supercarriers, thousands of tanks and the world's premier professional army, not to mention an economy almost as large as all of europe, the best tech/IP industry in the world, the best drug companies in the world, the largest producer of agricultural products in the world, and the largest manufacturing base in the world (double japan, more than 50% larger than China).

Personally, I'll take the nuclear arsenal, 11 supercarriers, biggest/best army, and biggest/best economy. You can keep your shiny metal.

LK, I'm surprised by that post - it's unlike you, it's very irrational.

The issue of gold as an investment has virtually nothing to do with the factors ou cited.

As a practical matter, you can convert between gold and dollars; gold has a value in dollars as an investment that has had no harm from the things you cite.

It's a couple years old, but here is a chart with some rough idea of how youcan make dollars by buying gold, much of the time.

Link

(Note the chart ends with gold at 750, now it's gone to 1000 two years later).

So, if you put your dollars in gold in 2000, and sold the gold for dollars last week, you would have made a lot of the dollars you are prasiing so much.

There are arguments for and against gold, but your post really didn't contain them IMO.

Maybe you were being facetious about somthing, but that's not at all clear.

 

[Modelworks]

Originally posted by: First

Originally posted by: Modelworks

Originally posted by: First

Originally posted by: Modelworks

Originally posted by: JS80

But still a worthless metal, there are alternative metals that can be used in place of gold.

It may be worthless but it is the one thing I can take to any country in the world and spend.

So can the U.S. dollar. Schiff and the wimps that support him, as usual, get it wrong with strikingly consistent frequency.

While the US dollar is accepted most places, it is still not as good as gold.

You're right, it's far better. The fact that gold and not dollars may be accepted in some extraordinarily remote parts of the world means next to nothing.

It means a lot if you need something while you are there.

 

[LegendKiller]

Originally posted by: Craig234

Originally posted by: LegendKiller

Gold is only rare and desirable for jewelery. The vast majority of it is used for those purposes. It's only backed by the fiat nature of human desire, that's it.

However, the dollar is backed by the world's largest nuclear arsenal, 11 supercarriers, thousands of tanks and the world's premier professional army, not to mention an economy almost as large as all of europe, the best tech/IP industry in the world, the best drug companies in the world, the largest producer of agricultural products in the world, and the largest manufacturing base in the world (double japan, more than 50% larger than China).

Personally, I'll take the nuclear arsenal, 11 supercarriers, biggest/best army, and biggest/best economy. You can keep your shiny metal.

LK, I'm surprised by that post - it's unlike you, it's very irrational.

The issue of gold as an investment has virtually nothing to do with the factors ou cited.

As a practical matter, you can convert between gold and dollars; gold has a value in dollars as an investment that has had no harm from the things you cite.

It's a couple years old, but here is a chart with some rough idea of how youcan make dollars by buying gold, much of the time.

Link

(Note the chart ends with gold at 750, now it's gone to 1000 two years later).

So, if you put your dollars in gold in 2000, and sold the gold for dollars last week, you would have made a lot of the dollars you are prasiing so much.

There are arguments for and against gold, but your post really didn't contain them IMO.

Maybe you were being facetious about somthing, but that's not at all clear.

You can pick any two places on a chart for stocks and say the same thing. Hell, you could pick 1982 and 2000 compared to stocks and gold and come up with a very convincing argument.

Sure, gold may do well in the short-term, but it is blown away by stocks in the long term.

In the short term there are many more investments that are better than gold.

 

[Modelworks]

Originally posted by: LegendKiller
[
Personally, I'll take the nuclear arsenal, 11 supercarriers, biggest/best army, and biggest/best economy. You can keep your shiny metal.

When you are in an undeveloped country and try to spend a $20 bill and the guy laughs at you because there is so much counterfeit money that it makes it worthless , but you can hand him a Krugerrand and get not only a ride to anywhere you want to go, but food a place to stay and a girl to go with it, the USA backing the paper means nothing.

I've seen it, learned once and the second time I was prepared.

 

[Craig234]

Originally posted by: LegendKiller
You can pick any two places on a chart for stocks and say the same thing. Hell, you could pick 1982 and 2000 compared to stocks and gold and come up with a very convincing argument.

Sure, gold may do well in the short-term, but it is blown away by stocks in the long term.

In the short term there are many more investments that are better than gold.

But your reply has nothing to do with the point of my post.

The point of my post wasn't to compare gold and the dollar as investments, even if that was the main purpose of the linked chart.

The chart in my post was only used to establish an example that gold can be invested in and you can make profits in dollars by doing so.

The point of my post was your citing all kinds of bizarre factors about the two.

When do the dollar's aircraft carriers play any practical role in its being a better investment than gold - eve it is a better investment for other reasons - in the past or coming period?

I almost made a similar post to the guy who touted his ability to run around the world spending gold in some scenario where the dollar has failed - what nuttiness is that?

How much practical benefit is that?

In short, the rational and reasonable factors for deciding whether to invest in gold IMO really have nothing to do with the issues you cited about aircraft carriers.

Edit: well, the guy I mentioned made his case for gold - it's still extremely rare to have any practical use, but apparently he found some in his travels (he bought/rented a girl?)

Doesn't change my point much, but if he says he ran across it, which very few people would IMO, so be it.

I don't really want to digress into the gold as currency topic, but I'd think there are more practical alternate currencies, and I'd think gold is a very troublesome 'currency', between either having to deal with large fixed amounts (can you change a Kruggerand for this candy bar and coke) or figuring out how to find people with the scales and authenticity testing to spend other amounts, something every villager carries around. Who knows.

 

[First]

Originally posted by: Modelworks

Originally posted by: First

Originally posted by: Modelworks

Originally posted by: First

Originally posted by: Modelworks

Originally posted by: JS80

But still a worthless metal, there are alternative metals that can be used in place of gold.

It may be worthless but it is the one thing I can take to any country in the world and spend.

So can the U.S. dollar. Schiff and the wimps that support him, as usual, get it wrong with strikingly consistent frequency.

While the US dollar is accepted most places, it is still not as good as gold.

You're right, it's far better. The fact that gold and not dollars may be accepted in some extraordinarily remote parts of the world means next to nothing.

It means a lot if you need something while you are there.

Sure, in Tanzania. :roll:

 

[Modelworks]

Originally posted by: First

Originally posted by: Modelworks

Originally posted by: First

Originally posted by: Modelworks

Originally posted by: First

Originally posted by: Modelworks

Originally posted by: JS80

But still a worthless metal, there are alternative metals that can be used in place of gold.

It may be worthless but it is the one thing I can take to any country in the world and spend.

So can the U.S. dollar. Schiff and the wimps that support him, as usual, get it wrong with strikingly consistent frequency.

While the US dollar is accepted most places, it is still not as good as gold.

You're right, it's far better. The fact that gold and not dollars may be accepted in some extraordinarily remote parts of the world means next to nothing.

It means a lot if you need something while you are there.

Sure, in Tanzania. :roll:

Try India

 

[First]

Originally posted by: Modelworks

Originally posted by: First

Originally posted by: Modelworks

Originally posted by: First

Originally posted by: Modelworks

Originally posted by: First

Originally posted by: Modelworks

Originally posted by: JS80

But still a worthless metal, there are alternative metals that can be used in place of gold.

It may be worthless but it is the one thing I can take to any country in the world and spend.

So can the U.S. dollar. Schiff and the wimps that support him, as usual, get it wrong with strikingly consistent frequency.

While the US dollar is accepted most places, it is still not as good as gold.

You're right, it's far better. The fact that gold and not dollars may be accepted in some extraordinarily remote parts of the world means next to nothing.

It means a lot if you need something while you are there.

Sure, in Tanzania. :roll:

Try India

No, sorry, try again. India has been taking dollars for quite a while kiddo.

 

[Modelworks]

Originally posted by: First

Originally posted by: Modelworks

Originally posted by: First

Originally posted by: Modelworks

Originally posted by: First

Originally posted by: Modelworks

Originally posted by: First

Originally posted by: Modelworks

Originally posted by: JS80

But still a worthless metal, there are alternative metals that can be used in place of gold.

It may be worthless but it is the one thing I can take to any country in the world and spend.

So can the U.S. dollar. Schiff and the wimps that support him, as usual, get it wrong with strikingly consistent frequency.

While the US dollar is accepted most places, it is still not as good as gold.

You're right, it's far better. The fact that gold and not dollars may be accepted in some extraordinarily remote parts of the world means next to nothing.

It means a lot if you need something while you are there.

Sure, in Tanzania. :roll:

Try India

No, sorry, try again. India has been taking dollars for quite a while kiddo.

If you exchange them at the bank, but try spending them on the streets. I can tell you spend your life in the USA and it may be nice to think that the dollar is something you can spend on any street anywhere in the world, but that isn't the case. Many countries it is illegal to have dollars on your person and when you exchange money in cities you pay a fee on top of the local rate. I learned long ago that is a loss, especially for large sums of money . Krugerrand I can exchange with no fees.

 

[First]

Originally posted by: Modelworks

Originally posted by: First

Originally posted by: Modelworks

Originally posted by: First

Originally posted by: Modelworks

Originally posted by: First

Originally posted by: Modelworks

Originally posted by: First

Originally posted by: Modelworks

Originally posted by: JS80

But still a worthless metal, there are alternative metals that can be used in place of gold.

It may be worthless but it is the one thing I can take to any country in the world and spend.

So can the U.S. dollar. Schiff and the wimps that support him, as usual, get it wrong with strikingly consistent frequency.

While the US dollar is accepted most places, it is still not as good as gold.

You're right, it's far better. The fact that gold and not dollars may be accepted in some extraordinarily remote parts of the world means next to nothing.

It means a lot if you need something while you are there.

Sure, in Tanzania. :roll:

Try India

No, sorry, try again. India has been taking dollars for quite a while kiddo.

If you exchange them at the bank, but try spending them on the streets. I can tell you spend your life in the USA and it may be nice to think that the dollar is something you can spend on any street anywhere in the world, but that isn't the case. Many countries it is illegal to have dollars on your person and when you exchange money in cities you pay a fee on top of the local rate. I learned long ago that is a loss, especially for large sums of money . Krugerrand I can exchange with no fees.

Like I said, in some very remote locations in some parts of the 3rd world, you may not be able to use the dollar. The fact that you might be able to use Krugerrand in some places means nothing, since the same facts apply to Krugerrand; you can't use it everywhere, including the U.S., where you'd be turned away and laughed at if you paid businesses with it. Hell, the stuff was banned in half the civilized world until the 90's because South Africa makes it. Get over it, you're wrong and badly wrong at that.

 

[Modelworks]

Originally posted by: First
[

Like I said, in some very remote locations in some parts of the 3rd world, you may not be able to use the dollar. The fact that you might be able to use Krugerrand in some places means nothing, since the same facts apply to Krugerrand; you can't use it everywhere, including the U.S., where you'd be turned away and laughed at if you paid businesses with it. Hell, the stuff was banned in half the civilized world until the 90's because South Africa makes it. Get over it, you're wrong and badly wrong at that.

No the same facts don't apply. Gold remains the universal currency, it doesn't rely on banks, corporations or governments. I can exchange it for services in cities or 100 miles out in the jungle. You can't do that with any other form of currency.

 

[nergee]

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 saw a speech Schiff did in 11/06 where he talked about the RE bubble and
he also made reference in that speech to his saying something about inflated RE prices a year before.......I think this 06 speech was in front of some LV mortage bankers....