Use access key #2 to skip to page content.

kdakota630 (29.88)

Peter Schiff: Gold Going To $5,000

Recs

15

October 05, 2009 – Comments (24)

[I know plenty of people here hate seeing predictions from 'Gold Bugs' about how high gold is going, but that's only the first paragraph and the rest of the article was just too good not to share.]

Euro Pacific Capital head Peter Schiff predicts the Dow will fall another 90 percent from current levels when measured against gold, which he says will hit $5,000 an ounce.

Schiff credits poor policy decisions over the past nine years for setting the U.S. dollar up to take a major fall against commodities and other currencies when China and Japan finally stop buying our debt.

Full article

24 Comments – Post Your Own

#1) On October 05, 2009 at 1:12 PM, chk999 (99.98) wrote:

This seems unlikely. I remember when gold hit 800 the first time and the pundits were calling for 2000. Instead we got 250. 

Report this comment
#2) On October 05, 2009 at 1:20 PM, catoismymotor (< 20) wrote:

This sounds like someone trying to fluff up the value.  

Report this comment
#3) On October 05, 2009 at 1:22 PM, jesusfreakinco (29.04) wrote:

Its all in the USD.  If the USD tanks, gold skyrockets - $2K, $5K, $10K - who knows...

Report this comment
#4) On October 05, 2009 at 1:28 PM, Rebkong1 (< 20) wrote:

ya he was totally wrong about the housing market too...seems like you people that laughed at him for making the call he did back in 2005 and 2006 would have learned by now...oh well..good luck to you all..you will need it

 

Report this comment
#5) On October 05, 2009 at 1:37 PM, AvianFlu (34.90) wrote:

You will recall that when gold hit 800 we had just experienced a a lot of fed dollar printing during the Jimmy Carter years. The dollar greatly dropped in value. It wasn't so much that gold went up, but that dollars were worth less, so it took more of them to buy the same amount of gold.

Then along came Reagan and Volcker. Their policies increased the value of the dollar to the point where it only took 250 of them to purchase an ounce of gold.

Guess which policies are being followed today! That's right, we are going down the Jimmy Carter road again...only this time we've jumped to warp drive. I used to ridicule gold bugs. That was before the fed doubled the money supply. Any intelligent and analytical person would be diversifying into some metals right now. I don't know if Schiff is right about gold 5000, but based on the feds actions in the last year somewhere between 2000 and 5000 seems inevitable.

Report this comment
#6) On October 05, 2009 at 1:41 PM, Rebkong1 (< 20) wrote:

wow someone on here that can actually think...the fed is out in the public for monetizing about half the debt its issued..so who knows how much of it is really even being bought by "real" investors...bottom line...we are are borrowing as MUCH as we ever have and we are KNOWINGLY financing it by injecting worthless dollars into our system...5000 maybe a low estimate

Report this comment
#7) On October 05, 2009 at 1:56 PM, lquadland10 (< 20) wrote:

HE IS WRONG I say 10 thousand.

Report this comment
#8) On October 05, 2009 at 2:11 PM, ikkyu2 (99.16) wrote:

Oh, I believe gold will eventually hit $5000.  Heck, I believe the Dow is going to 20,000.

Notice how I didn't specify a time or date there?  What a useless prediction.

Report this comment
#9) On October 05, 2009 at 2:32 PM, prose976 (< 20) wrote:

IMHO, the price of gold and the dollar are about to disconnect.  At that point, gold will have only manufacture, artistic and intrinsic value.  Right now there is not enough gold to cover all the gold that has been bought, so unless people start unloading, someone will get left holding the bag.

Report this comment
#10) On October 05, 2009 at 2:42 PM, catoismymotor (< 20) wrote:

If gold reaches $5000 an ounce within the next year it will be because John and Kate have reconciled.

Report this comment
#11) On October 05, 2009 at 2:44 PM, Cressida (62.12) wrote:

Anyone can make a prediction.  Want to know the future (in general)?  Just add 10 years to everyone's age that you know...including yourself!!! 

In 10 years.. Gold ?   who knows......

 

Report this comment
#12) On October 05, 2009 at 2:54 PM, clanza875 (34.66) wrote:

I generally believe the price of gold could increase but $5000 is far fetched. Keep in mind Schiff is a salesman trying to get you in to a Euro Pacific account. If he really believed everything he says he wouldnt be living in America.

Report this comment
#13) On October 05, 2009 at 2:57 PM, Rebkong1 (< 20) wrote:

peter schiff lives in connecticut , if you knew anything maybe it would make your post worthy of a read

Report this comment
#14) On October 05, 2009 at 3:09 PM, catoismymotor (< 20) wrote:

Rebkong1, you are being very defensive today. Are you feeling well? As you are surely aware there are a number of bugs going around. I hope you don't have one of them.

Report this comment
#15) On October 05, 2009 at 3:10 PM, clanza875 (34.66) wrote:

No kidding he lives in CT (that was my point), he is only running for Dodd's senate seat. If you knew how to read and picked up on basic context clues you might be able to get out of the bottom 20th percentile. Pull your head out of your backside and stop following him like a lemming.

Report this comment
#16) On October 05, 2009 at 3:14 PM, kdakota630 (29.88) wrote:

Rebkong1... as you are surely aware there are a number of bugs going around. I hope you don't have one of them.

What a perfect set up for a joke.  Granted, I think it's a pretty lame one.

Ready?

Are you sure you're ready?

OK, here goes...

"Maybe he has the gold bug."  LOL!

Told you it was lame.

As you were.

Report this comment
#17) On October 05, 2009 at 3:17 PM, catoismymotor (< 20) wrote:

# 16 - That was bad. Yet I found it ever so enjoyable. Thanks, kdakota630!

Report this comment
#18) On October 05, 2009 at 3:24 PM, AvianFlu (34.90) wrote:

I have a substantial Europac account. I have found them to be good to work with. I have never felt any kind of sales pressure from them. That kind of thing doesn't work with me anyway. In their recommendations they have never suggested I buy gold. They HAVE recommended a few mining companies, most of which I have nixed for various reasons.

I talk with his brother, Andrew, with regularity. Bottom line: I think Peter is an honest person with courage of his convictions. However, I think he can be a little thin-skinned and is probably not a schmoozer. I'm not sure if this is a good combination for a politician, but I wish him the best of luck.

Report this comment
#19) On October 05, 2009 at 3:25 PM, kdakota630 (29.88) wrote:

catoismymotor

You're welcome.  And sometimes it's the lamest jokes that are the funniest. 

For example...

Q:  What did the cow say to the snake?

A:  "Moo."

I don't think my 'gold bug' joke qualifies though.

Report this comment
#20) On October 05, 2009 at 3:35 PM, maxhoffa (< 20) wrote:

$5000 gold puts silver at what, $350 or so?  assuming we get back to 15:1 ratio

i

Report this comment
#21) On October 05, 2009 at 3:58 PM, chk999 (99.98) wrote:

kdakota630 - that made me laugh. +1 for the joke.

Report this comment
#22) On October 05, 2009 at 4:18 PM, stan8331 (96.83) wrote:

In the world of financial advice, you really can't trust anyone who stands to benefit from implications of their own predictions.  Which is pretty much everyone.  :-)

Report this comment
#23) On October 06, 2009 at 10:25 PM, Teacherman1 (49.79) wrote:

Hey, that's great news.

If it hits $5,000 I will finally be able to retire on the Krugerands I bought almost 40 years ago.

I guess it's all in the timing.

Since everyone else was commenting I thought I would too.

Have a great evening everyone. 

Report this comment
#24) On October 06, 2009 at 11:05 PM, elmopotski (< 20) wrote:

Remember Peter Schiff? He called the financial crisis in 2006! Way before everyone else. I took Peter's advice. MY GOLD has grown from $600 to $1040, 80% of my 401k. At least I don't have a 201k now!

Here is the link:

http://www.youtube.com/watch?v=2I0QN-FYkpw

Report this comment

Featured Broker Partners


Advertisement