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abitare (99.44)

$5000.00 Gold By 2012 US Dollar Never Recovers, Peter Schiff (Video 4:57)

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May 15, 2008 – Comments (7) | RELATED TICKERS: GLD , SSRI , SLV

Peter Schiff is a Ron Paul supporter. He has been buying gold since 2000-01.

I am expecting deflation like Japan, with a more severe downturn. I have closed most of my gold, silver and oil picks in anticaption of the deflation.

But there is a possiblity of a dollar collapse and hyper inflation with war Iran. Also the US has been taunting Russia by annexing Kosovo, pushing Georgia and Ukraine into NATO/EU. The antagioism of Iran may not end well for either party. I will write more on this later, I invite you can read my On War post from April. Again, there is no bigger issue/theme in the US market to me then the War. The illusion of wealth that drives the US' consumption based, borrow and spend, warfare/welfare state, will take a dramatic turn if US forces are lost in Iraq or it the US goes nuclear on Iran.

What should you buy? A freezer and meat. Meat is going up with the price of feed. Also I believe in physical wealth. Meaning, you should have some gold and silver stored, where you can access it if needed. The older you are the more physical wealth you should stock pile.

 

7 Comments – Post Your Own

#1) On May 16, 2008 at 1:01 AM, FleaBagger (31.23) wrote:

You think the dollar is safe if Obama slashes the military budget and doesn't think about going into Iran? Any excessive gov't spending will cause inflation, no matter what tax rates are, because taxes are subject to the law of diminishing returns, and gov't can pay for itself now, let alone with democrats pushing reckless welfare expansions and, let's face it, farm bills and rich people bailouts. I don't see how deflation is possible, or how silver can stay below $25 for long.

I don't think I'm understanding why you're bullish on physical gold and silver and bearish on gold and silver company stocks. Care to explain that one in more detail?

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#2) On May 16, 2008 at 1:14 AM, jahbu (89.69) wrote:

“Every four years we are treated to the same tired, predictable routine: two candidates with few disagreements on fundamentals pretend that they represent dramatically different philosophies of government. The supposedly conservative candidate tells us about ‘waste’ and ticks off $10 million in frivolous pork-barrel projects that outrage him — the inevitable bridge-to-nowhere project, or a study of the effects of celery consumption on arresting memory loss.

“All right, so that’s 0.00045 percent of the federal budget dealt with; what does he propose to do with the other 99.99955 percent, in order to return our country to living within its means? Not a word.”   Ron Paul

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#3) On May 16, 2008 at 7:43 AM, ATWDLimited (< 20) wrote:

Exactly waht we need is immidiate slashes, adn downsizing. Here is the idea government=group of people peoploe have flaws, thus the government is subject to these errrors. As the nunmber of people inrease, the probability of an error occuring increases, At the same time, the more the government controls, the bigger the effect will be when an error is made. Simple shrink government how about we cut government size to 1950 levels by 2020 and dump medicare, medicade, and DOE, and all this other crap that is wasteful, same thing at the state level, I am sick of it and I don't wan to pay for these debts these morons are leveing for me, Lets sue for discrimintation against the furture.

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#4) On May 16, 2008 at 2:49 PM, abitare (99.44) wrote:

ALCON,

Thank you for the replies. 

FleaBagger,

I do not think the dollar is safe reguardless of President. But we can still have deflation with a Fiat currency. (ref Delation American Style)

I am really like commodities. I would not be surprised if silver and gold continued higher. But I am still in the deflation camp for now.  

I don't think I'm understanding why you're bullish on physical gold and silver and bearish on gold and silver company stocks. Care to explain that one in more detail?

Physical wealth is insurance against a systemic collapse. Which is very possible in the current enviroment.  George Soros , who I respect as a Truth Teller, said this is the "worst financial crisis" he has seen. Soros has seen a lot, this is not a small statement. Almost all the Central banks are flooding the market with cash and liquity. The leverage in the industry may create a systemic collapse. 

The government can confiscate the gold/commodities if it wants to. The US government has confiscated US citizens gold before.  Physical wealth is insurance against a collapse. You can trade it for goods and services, if the dollar collapses as a means of exchange. If there is a collapse, there maybe bank runs and the government might move to the front of the line to confiscate what it can to support its own programs.

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#5) On May 16, 2008 at 2:57 PM, abitare (99.44) wrote:

jahbu

Good quote.

ATWDLimited,

Aligned. You sound like you would be a good Ron Paul supporter also.  

The amount of Americans on the "dole" of the govrnment is amazing and growing everyday.

I strongly recommend the series,

Commanding Heights: The Battle for the World Economy

It will support your ideas. 

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#6) On May 16, 2008 at 3:39 PM, abitare (99.44) wrote:

I am aligned with Jim Rogers here:

 

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#7) On May 16, 2008 at 10:59 PM, lquadland10 (< 20) wrote:

CNBC Covers the Amerohttp://www.youtube.com/v/ZYl0mdzE-p0&hl=en"> name="wmode" value="transparent">http://www.youtube.com/v/ZYl0mdzE-p0&hl=en" type="application/x-shockwave-flash" wmode="transparent" width="425" height="355">1776 yet?

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