Cyprus Depositors Should Have Owned Gold (Video)

Peter Schiff’s latest video blog explains the Cyprus bailout’s effect on depositors, and how the United States will face a much worse situation.

“If you think your money is at risk in a bank and you pull it out, what are you going to do with it? Well, putting it in gold is a great alternative. In fact, if you had euros deposited in a Cyprus bank, now you’ve lost…close to 10%…of your euros. But if you had gold in a safety deposit box in a Cyprus bank, you haven’t lost an ounce. So the people who have gold are whole, and those who have euros…they’ve had a loss. So this highlights the safe haven aspect of gold.”