Peter Schiff Predicts Imminent Doom, page 3

reply to post by circlesymbol

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Why is crude oil priced and traded in Dollars? Is there some kind of agreement about this or something? What would it really take for this to change?

[edit on 8-1-2009 by huckfinn]

reply to post by mecheng

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Go to your local library or bookstore and get his book titled The Little Book of Bull Moves in Bear Markets. I am in the middle of reading or I would have told you the info.

the situation for the dollar is getting precarious

www.marketoracle.co.uk... (ten major threats facing the dollar)

www.marketoracle.co.uk... (dollar death bounce ends)

but we still do have the military which may or may not back the dollar up anymore .......like the did vs. IRAQ.....only thing is the fat cats had a bubble party planned and they knew they would be bailed out as well, so they MADE SURE that they would be bailed out with dollars that were worth something (so they could then invest them in hard assets) and they were not about to led saddam create a UNTIMELY crash... so the BENEFIT to protect the dollar by the military may be over but the world still prices nearly all commodity's in dollar's and the IMF and World BANK issue debt in dollar still so that is a pillar for the dollar than needs to be watched

401k's , Savings, could all get a 50% or greater haircut in the near future..........THIS IS A MAJOR *issue*

remember we are headed more and more to a global economy.....america has 300 million people and the world has over 6 billon.....america's possible currency collapse (and a near depression in the UK) would hurt emerging markets initially ( as well as Russia, china, japan, etc) like rock puck said but they would have a greater potential to bounce back and once CHINA or INDIA alters there economy to that of consumption that part of the world can get back to business W/0 needing the U.S consumers to fuel the demand for goods.

Gold and silver are being supressed IMO possibly to slow the collapse of the dollar and keep it more orderly (thru the use of 70 billion in Gold derivative short positions via JP morgan) but this will not succeed and just buys time for the fat cats that are getting bailed out to invest at lower (more attractive buying points) IMO

but since other country's will be devaluing themselves (and the euro makes up 58% of the dollar index) it will be somewhat difficult to measure the dollar's loss of purchasing power except for looking at the results of the treasury auctions and the price of gold.

one piece of good news (not on a moral hazard level) but to stop the reinforcing spiral of house price declines will be further discussion of home mortgage principal writedowns to be passed by congress and done via bankruptcy court judges


[edit on 8-1-2009 by cpdaman]

reply to post by St Udio

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One reason I have never really been into metals.. there is a certain level of uncertainty about them. And for those buying Gold.. If you can afford to put thousands upon thousands into Gold for the chance at a small % return, more power to you.. most people I know who are into Metals don't actually get the "real deal" any ways (never actually getting the metal) ..

I personally am leaning with Peter (per my previous post on page 2) .. our retailers (minus wall mart) took a huge 7-10% hit this year.. they are in desperate need of consumers.. perhaps in international markets? There is a lot of uncertainty in our minds as to "what is the best investment" .. I have not seen a single "must have" investment option in this mess... not Gold, not Silver, not Oil, not Stocks.. might be time to suck it up and get a 2% return from a CD .. oh wait... the bank might fail.......

Originally posted by Rockpuck
reply to post by St Udio

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One reason I have never really been into metals.. there is a certain level of uncertainty about them. And for those buying Gold.. If you can afford to put thousands upon thousands into Gold for the chance at a small % return, more power to you.. most people I know who are into Metals don't actually get the "real deal" any ways (never actually getting the metal) ..

I personally am leaning with Peter (per my previous post on page 2) .. our retailers (minus wall mart) took a huge 7-10% hit this year.. they are in desperate need of consumers.. perhaps in international markets? There is a lot of uncertainty in our minds as to "what is the best investment" .. I have not seen a single "must have" investment option in this mess... not Gold, not Silver, not Oil, not Stocks.. might be time to suck it up and get a 2% return from a CD .. oh wait... the bank might fail.......

rockpuck i usually agree with you but what good would a 2% return in a CD do if the currency is devalued by XYZ percent (or the gulf cooperation council and everyone else is dumping treasury's)

also what is your rationale for saying investing in gold for "a small percentage return"

is it because they don't earn interest? I mean it is close to gauranteed that fiat currency's devalue over time and gold simply reprices upward to reflect this loss in purchasing power, and should the devaluation be high the reprice up in gold will beat out any intrest rate you can find. since the turn of the millenium gold has been the best asset to own IMO and i don't see why that would change in the short to medium term with govt's forced to spend and especially the u.s may need to monetize heavily.

I mean it was worth 250$ in 2000 and 850$ 'ish now and it is not in a bubble so why gold neutral and uninterested out of curiousity?



[edit on 8-1-2009 by cpdaman]

reply to post by Pappie54

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Going back to the gold standard does not mean everyone has to carry around bags of bullion. If that's what you are thinking.

If not, care to elaborate why else it wouldn't work?

If history is any proof, it works fine.

reply to post by cpdaman

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*most* people don't have the funds to invest in a large amount of Gold.. so a return on the Gold is not going to yield any actually "gain" for you..

If you invest in Silver, and you can buy a few thousand dollars worth of Silver, and it goes up a few bucks, well for the average person I feel that is a much better return...

I guess it depends on your preferences and your risk tolerance..

I just personally feel that Gold is expensive and impractical for "average joe" unless you either 1. put everything you have in Gold or 2. have some cash to spare.

I mean it was worth 250$ in 2000 and 850$ 'ish now and it is not in a bubble so why gold neutral and uninterested out of curiousity?

True true, and at $250 it was far more accessible.. Silver even more so (it has also had a higher % growth) but at $850 we are counting on .. what.. it to go up $50 and you could only afford 4 ounces.. score.. in a few months you made $200. unless you are like some (ahem big unit) who believes Gold is about to be a few grand an ounce.. which I pray not.. seeing as every electronic will instantly become unaffordable (or slower using another metal)

If you want to invest in Silver I am all for silver, I own silver my self, I am just anti Gold.

(gold is also not a standard price, you can go to different markets and buy gold at different prices .. if you do invest in Gold, I would never buy it in America or Europe...) ..

Diamonds have crashed this year as far as prices this year as well due to the luxury market collapsing.. if your into the high end physical investments, you can buy whole sale diamonds for -30/40% compared to a year ago..

Just my opinions of course, I have my reasons for the things I say lol..

reply to post by RetinoidReceptor

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This link takes you to a blog by a guy in argentina.
He went through the collapse down there and has some interesting things to say about the use of gold during and after an economic (and resulting general societal) breakdown...
www.ferfal.blogspot.com...

This link takes you to a more domestic (and short term) distaster experience ala Katrina... This guy has some nice ideas about finances in hard times as well...
It's nice to know that there are people like this guy out there in the US!
Willing to take the time to share...
www.theplacewithnoname.com...

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