Last night, Peter Schiff appeared on the Business News Network to give his take on the latest GDP numbers and physical gold investing.
“The only reason the government was able to get a [GDP] number as large as 1.7 is because they assumed inflation was 0.7% on an annualized basis… I don’t believe that for one minute. I believe inflation is much higher than that and if the government used an accurate GDP deflator, we would already see that the US economy is currently in a recession… [The Fed] knows it’s going to increase QE, but it can’t come out and say that… Because it doesn’t want the world to know just how weak the US economy is and how dependent it is on ever increasing doses of monetary heroin.”
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I certainly agree with Peter Schiff sentiments about investing in physical gold. The recent drop in gold prices provided the best opportunity to cash in on gold bullion. The fact still remains that physical gold is a rare and precious commodity. Mining ores are ever depleting, thus making physical gold a great store of wealth and especially during economic turmoil. The same cannot be said about paper gold, which unfortunately is a questionable for of investment that suffers the most whenever gold prices start to decline.