Tuesday, November 18, 2008

Peter Schiff: A prophet from the past?

A former student of mine (Charlie) sent this to me. Wow. Talk about getting things right! Peter Schiff was absolutely dead on.

Peter, I do not know you, but my hat is off to you. It is also a great reason why I NEVER watch financial talk shows.

I wonder if Laffer ever paid his penny.


Jason said...

Peter Schiff was 1/2 right. He indeed called the housing and equity collapse spot on. He deserves much credit for that. But his projection that gold would surge hasn't panned out and his claim that the dollar would collapse was 180 degrees wrong as the buck has actually strengthened.

jason said...

Well, yes...kinda.

Look at gold over the past couple of years--back when Schiff started calling it.

2 years ago, many were amazed that gold hit $500; it then went on to peak around $1000.

Now that it's off its peak, people think he was wrong? How?

It’s gained tremendous ground in only 24 months. You’re still ahead if you got in 18 months ago.

And here is the kicker--it's going to go up, way up.

When the dollar collapses--which it will for a variety of reasons. (i.e. the coming inflationary recession that will hit in the next 18 to 36 months)

Gold is going to be the go-to.

I think we'll see a drop in gold--maybe down to about $625-650. Buy it up, baby; because that's the lowest it's going for the next 5 years.