Peter Schiff Predicts Imminent Doom

Last year, during the summer OPEC said they wanted to stop selling oil in dollars, but all the other countries balked at that. They had too much reserves of the dollar and there was no way they wanted to switch, as they have wanted to get rid of their dollars.

I can bet that this year OPEC will again want to switch the currency oil is traded in and it will probably go through - once countries have gotten rid of their dollar reserves.

Look at all the countries that have been purchasing gold with their dollar reserves - they want the value right now - before it goes off the deep end.

Schiff has an agenda and don't think for a second it's benign love of his country. I don't buy all this doom and gloom nonsense mostly because 99.9% of the time it ends up being BS. Schiff is not much different than a soothsayer or Nostradamus freak. Also, his 'predictions' seem to be getting more and more unhinged the more attention he gets from bloggers. Don't buy it people.

No gold is easy to get, just a long wait now. Silver is almost impossible to get, almost all metal companies are out of silver, except for the 1000 ounce bars.

Just put the metals in a safe place.

That is what I believe. I am gloomy on the economy, but Schiff takes it to a whole new level and his investment ideas in case of the scenario doesn't match. Every economist and financier knows that foreign stocks and commodities will not stay still if the U.S. declares bankruptcy and currencies of countries that own a 500 billion dollars+ of U.S. debt will crash if they aren't paid back.

He is going down the same tube as all the other conspiracy theorists in my book. Ron Paul is still a moderate. I think like him. Schiff is now starting to sound worse and worse for more attention it seems.

[edit on 8-1-2009 by RetinoidReceptor]

reply to post by mecheng

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open an account with Forex. wire them some money. trade the yen vs. USD. its been strong as of late. dont forget tommorrow is non farm friday. max lots.

Ok, like many people my brain is telling me to stick with the old standby investments like IRAs, mutual funds, 401ks, etc. because that's what I've been conditioned to think for decades. In fact, I bought a small house from the earnings of a mutual fund back in the crazy 80's.

Now, it's become obvious that this is no normal recession. I've got a little angel on one shoulder and a little devil on the other, whispering in my ears. I WANT to buy metals, but my brain is conditioned to say, no, just keep investing, you'll be glad you bought low when the market rises. Except this time that fat, satisfying rise might never happen.

I am asking myself, what would be the WORST things that could happen if I stopped investing in dollars and invested in metals? The worst things I can think of are the storage and selling it, if I needed it. Is the value going to crash? No. Storage is just a matter of creativity and work, so not really a problem. So do I have unjust worries?

Can anyone else think of a "worst case" scenario that would stop you from investing in metals?

Why are you investing in metals? That is the first question. Secondly, metals do not preserve wealth all the time, unless there is demand for them or if there is considerable inflation. If there is inflation, stock prices will probably eventually rise as well eventually (though the real wealth would be low). There will be a bottom to this market. Investing in some gold may be worthwhile. But don't put all your money into one thing.

I'm surprised none of you figured out or at least assumed THE number one reason the global currency would come in to existence.

Dollar Crash.

Believe it or not the World does not revolve around the US. If the Dollar goes kaput then you certainly don't want to be holding Dollars. The consumption that was coming from america will be redirected to emerging nations. Ergo, you want to be invested in those foreign companies if anywhere, you certainly don't want to be holding Dollars. Or Pounds come to that, were just as knackered.

The idiots who advise the government in the UK (yes the ones who caused the mess & couldn't see it coming) are now suggesting over here that savers be punished by being TAXED on safe investments, ie cash - they want to encourage savers to spend it all. They are also actually advocating that we can borrow our way out of debt - & those are the exact words that were used.

The lunatics are well & truly running the asylum

i have never posted here but have viewed topics here on and off for several years. constant predictions of armageddon, collapse of the united states, etc. of course it never happens, no one gets called on his/her wrong prediction, then on to the next false prediction.


lets have a clear time table this time as the when the collapse occurs, then if it doesnt happen, some responsibility, admissions of gullibility and being wrong and enough with this.

I would say that Silver has the potential to outperform Gold on a % basis RP.

2000 Gold average = $279

2008 Gold average = $871

Average to date Jan 09 = $856

****

2000 Silver average = $5

2008 Silver average = $14.98

Average to date Jan 09 = $11.05.

Make no mistake, I like them both but refer mostly to Gold...POG leads major price movements...Silver follows...with the exception of rare, minimal, intra-day/week market anomalies.

As we've witnessed since mid 08...Silver' base metal component = additional drag, unpredictability, and volatility. Ironically, this relatonship will also one of Silver' strongest fundamentals moving forward

*For investors, precious metals should be viewed as a long term commitment.

Not investment advice...jmho.

Fortunately questioningall, availability has improved for both metals including overnight deliveries from some of the larger dealers.





And if you have a substantial cache of PM's stored at home/backyard etc...please don't post about on the internet

reply to post by mecheng

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Buy Yen or Euros (or any other currency that you feel will appreciate in value) with your dollars.

Many banks will let you have a foreign currency account

Well, I'm no stock market guru, but it seems to me that should the world "economic" situation deteriorate much further than it already has, then all these so-called "investments", (stocks, bonds, metals, etc.) won't be worth the paper they are printed on !! Much like all the banks that went bust recently, how the hell are you going to get your money, etc. when there just ISNT ANY !! These firms, brokerages etc. just might say......"Uh, we actually didn't have the metals or commodities to back up all these purchases...sooooo, sorry". I could sit around and sell gold, silver, and the such and never really have the actual commodities to back up those purchases. And when you demanded your metals, I wouldn't have it to give to you. Sounds far fetched maybe, but don't kid yourselves that the greedy people who run these "financial systems" wouldn't work the common man over in a heartbeat. Plus, gold and silver just don't have the same nutritional value as a can of pork-n-beans, ya know ?? Forget about trusting in the mythical financial system to keep you alive and well and use some common sense. Stocking up on canned goods, and the such would be the sensible investment I think. Just my opinion.

I am with you, I too live a simple life,

Another thing, the extended family and the tribe, when I was young four generation lived in the same house, everyone worked, everyone contributed.

WE grew our own food, we hunted,we bartered,we need to get back to the basics, drop this materialism.

Have we learned nothing?

Here is just another expert telling us how to invest your money,

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That's to funny.

I do like the input from Peter, but think he is not fully seeing the big picture. The U.S. people are the largest customer to the world and when we go down, so will the rest of the world. The Yuan will become worthless because the success of the Chinese economy is based on its number one customer - the people of the U.S. The Euro will crash as U.S. demand for its products plummet. As the U.S. falls everyone falls. That's right, were taking everyone down with us, so prepare for D2.

I would definitely not be in foreign stock or currencies. Just take a look to see how some of them faired against big cap U.S. stocks. I personally was invested in Euro and emerging economies and lost half of my retirement. These will be the first stocks to be sold. Also, remember in the video that they say Peter manages the Euro Pacific fund. Its a great fund that I was in about 8 years ago. Check out its results.

I'm going to buy land away from the city metropolis and have a nice peaceful place for my family where we can be safe if the shtf.

reply to post by huckfinn

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I can't believe that anyone who knows anything about Peter Schiff would not see that he knows what he is talking about. Do you know the difference between a "Shiff" and a "shill"?
Please try to know what you are talking about prior to posting.


Thank you

All I can say is buying actual "GOLD" or "SILVER" is a BAD IDEA. The USA in the past has made it illegal to own such precious metals, and the sale/trade of them as well.

Foreign currency seems the best bet...but which currency?