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Monthly Archives: February 2013
Last week, Peter Schiff appeared on CNBC’s Futures Now to talk about gold’s short and long-term outlooks. In this extended interview, Peter debates Tom Kendall, head of precious metals research with Credit Suisse, about whether or not the Fed is going to continue printing money and if gold’s rally is really over.
“I think the fundamental case for gold is as strong as it has ever been…and in spite of this recent pullback, the technical case is good…It doesn’t matter what the Fed says, it only matters what the Fed does and they’re going to continue doing what they’ve been doing, which is printing money.”
In his latest commentary, Peter Schiff examines the dramatic inflation of the pound sterling since 2008, caused by the loose monetary policy of the Bank of England. Ultimately, Americans should keep an eye on the UK’s deteriorating pound to get an idea of what will happen in the US when the government and the Fed can no longer artificially prop up the dollar.
“As the global currency war intensifies, the majority of attention has been paid to the 17% fall of the Japanese yen against the U.S. dollar over the past few months. The implosion has given cover to the sad performance of another once mighty currency: the British pound sterling. But in many ways the travails of the pound is far more instructive to those pondering the fate of the U.S. currency.
Japan has a unique economic and demographic profile which makes it a poor stalking horse. Newly elected Prime Minister Shinzo Abe and the Bank of Japan have clearly and forcefully committed Japan to a policy of inflation at any cost. Even in a world of serial money printers their plans stand out as exceptional. Britain, on the other hand, is charting a more conventional course to the same destination.”
In a new, exclusive video on the gold market, Peter Schiff responds to skeptics who claim gold’s bull run is over. Many believe the economy is improving and therefore that gold’s rise has ended. However, Peter explains why the longterm fundamentals for gold have never been better, and how investors still have time to take advantage of gold’s temporary decline.
“People who are saying there is no reason to buy gold now, never understood the reason people were buying it in the first place. People weren’t buying gold because they were worried about a crisis in the Eurozone or weak US stocks. People were buying gold because central banks were printing too much money. It’s inflation that drives the gold train, not political uncertainty.”
Peter Schiff appeared on Yahoo! Finance yesterday to explain how an international currency war harms average citizens by allowing government to inflate away its debt. Unfortunately, this is one war the US is aiming win.
“What’s unique about a currency war, is that unlike a conventional war, the object in a currency war is to kill yourself. The country that wins is the country that inflicts the most damage on its own citizens, because when you debase your currency…you diminish the standard of living of your people. Because now their savings have less value, their wages have less value. Everything they need to buy is more expensive.
The real winner in a currency war is gold, because central banks can’t print that. They can’t debase gold. So as everybody is trying to destroy the value of their currency, the value of real money will continue to go up.”
Peter Schiff appeared on Yahoo! Finance last week to talk about Obama’s plan to raise the minimum wage, and how disastrous that would be for the economy:
“The president is talking about all the extra purchasing power that minimum wage workers are going to have. Well, where is that all coming from? Somebody has to pay those higher salaries. Either the employer takes less in profits or the customers pay higher prices. Either way, that damages the economy…The irony of raising the minimum wage is that the people it hurts the most are the very people Obama claims to be championing: the poor, the unskilled, the middle class.”
Last week, the World Gold Council released its 2012 Gold Demand Trends report. Marcus Grubb, the managing director of investment at WGC, gives an overview of the report’s highlights, as well as the 2013 outlook in this special video.
“The outlook for gold demand remains strong in 2013. We expect jewelry demand to remain buoyant, driven largely by wealth creation in India and China, and the resynchronization of economic growth in both countries. Investment demand in 2013 will remain strong with quantitative easing policies being implemented around the world.”
- Gold Advances in New York as Price Slump Seen Increasing Demand, Bloomberg
- Audit of Fed’s Gold Finds It’s Safe, More Pure than Expected, LA Times
- Baubles to Bars: India Gold Culture Defies Curbs, US News & World Report
Peter Schiff appeared on Fox Business this morning to talk about gold, and its bright future when the world wakes up to the real state of the economy.
“I think [gold] is preparing for another big move up. A lot of people just don’t understand the situation. People think that the problems have been solved…that the global economy is out of the woods, that the worst is over for the US…They think there is no reason to own gold…I don’t know exactly when, but I would be shocked if we went for another two or three years and we did not have an explosive move up in the price of gold.”
Peter Schiff appeared in Overdose: The Next Financial Crisis, a 45-minute documentary that examines the causes of the housing bubble and the financial crisis that followed. It also warns about the inevitable future crisis as governments and central banks around the world continue to drug the economy with easy money. Journeyman Pictures released the documentary in 2010, but it was made available on YouTube last year. Enjoy: