Well, it appears that while he seemingly called that correctly, he has not been as good at making money on the call.
From Clusterstock: Peter Schiff's Clients Down In 2008:
".... several clients who claim losses of 40%-70% after investing with EuroPacificCapital. How could this be? Hasn't Schiff been bearish during a horrible year for US equities? Yes, but that negative on US equaties was just a part of his overall strategy"
Which yet again shows how difficult it is to beat the market on a risk adjusted basis.