Schiff Defends Gold Investing on CBS
On Friday, CBS MoneyWatch published Peter Schiff’s rebuttal to prominent gold skeptic Larry Swedroe, who had challenged Peter’s precious metals forecasting. Peter writes:
In an article entitled “Ignore the ‘buy gold now’ crowd” on CBS MoneyWatch this Monday, columnist and equities analyst Larry Swedroe criticizes forecasters who remain bullish on gold despite its monumental decade-long run.
He links to an interview in which I forecast that gold will rise above $5,000/oz before this bull market ends. Unsourced, Swedroe modifies my prediction to $2,300/oz by the end of 2013. While I typically forecast overall market direction rather than timing, I’m fairly comfortable with the words Swedroe put in my mouth. I believe gold will continue to rise and close 2013 significantly higher than present levels, and I’m invested accordingly. What I find most disconcerting in Swedroe’s piece is everything that follows. He goes on to question both a) investment forecasting as a practice and b) gold as an asset in general.”
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I have no idea either of gold’s immediate prospects, however I fully support the rationale for holding gold: as an inflation hedge or if you will, a safeguard against money printing. I have every confidence that over time – say, within the next 18 months, Peter and others like him, will be proved correct. And yes, I do hold gold.
I think gold is a great investment.
It is safe and reliable – I mean, what more could you want?
The gold investment is something on which an investor can rely upon.it may help an investor ina his bad time.