By Peter Schiff
We can’t ignore it anymore – the markets are rigged. The LIBOR scandal broke almost two years ago, and the banks found responsible for manipulating that key index are still dealing with lawsuits. Meanwhile, allegations of gold market manipulation have been simmering for over a decade and grew into an inferno after the spot price dropped dramatically last spring.
Yet I’m left wondering what the conspiracy theorists hope to accomplish. Yes, I believe in exposing truth for its own sake and that the individual investor should have the same opportunities in the marketplace as the big institutions. But with these conspiracists, there is often a subtext of, “Because the price is suppressed, buying gold is for suckers.” I think this conclusion is precisely wrong.
Politicians and the Federal Reserve are spinning tales of a slow but steady economic recovery in the United States. But economists and financial advisors like Peter Schiff are not fooled by the double speak. The Economic Collapse Blog published a good summary of recent major economic data and news that indicate the picture is not nearly as rosy as Washington would like us to believe.
On his radio show this morning, Peter Schiff interviewed Bill Murphy of the Gold Anti-Trust Action Committee. Peter and Bill discussed the possible price suppression of gold and the bullish fundamentals of the yellow metal.
What’s even more amazing is that the price of gold is not reacting, not only to the inflation that has already taken place, but all the inflation that we know is baked into the cake. Because we have all these governments with massive amounts of debt, [and] no prayer of ever repaying it. So there’s massive debt monetization and inflation on the horizon. That should be factored into the price of gold right now.”
Follow us on Twitter to stay up-to-date on Peter Schiff’s latest thoughts: @SchiffGold
Interested in learning about the best ways to buy gold and silver?
Call 1-888-GOLD-160 and speak with a Precious Metals Specialist today!
The Wall Street Transcript released its Gold and Precious Metals Report, which includes an interview with Peter Schiff on gold’s performance in the past year and what to expect in the physical precious metals market going forward. The full report is available for download here. Yahoo! provides an excerpt from the interview:
TWST: Gold has been not a great performer this year. What’s going on?
Mr. Schiff: Well, obviously some of the people who made a lot of money in gold over the years may have decided to cash in, but I think – more likely I think the speculators, who finally, finally got into the gold market over the last couple years decided to get out and cut their losses, because I think they saw the big run-up in the stock market, they believed all the hype about the recession being over, about the Fed being ready to tighten and take away the QE, and I think they believe that the case for gold was undermining.
So they sold their gold and went back into the stock market, because that’s where a lot of that speculative money came from. It came from stock market investors, who had lost money in the market over five or 10 years, didn’t own any gold, and then after seeing gold go up four or five times decided that they would want to buy some. And they got shaken out of the market in its last correction, and I think that’s very healthy, because I think the next leg up in the bull market – I think we have a long way to go before some of those speculators get back into the market, and of course by the time they do the prices will probably be well in excess of $2,000 an ounce.”
Follow us on Twitter to stay up-to-date on Peter Schiff’s latest thoughts: @SchiffGold
Interested in learning about the best ways to buy gold and silver?
Call 1-888-GOLD-160 and speak with a Precious Metals Specialist today!
Peter Schiff compares the cryptocurrency Bitcoin vs. the precious metal Gold. Which one is the better investment?
For More Information on Investing in Gold
Call 1-888-GOLD-160 (1-888-465-3160)
Talk now to a Precious Metals Specialist who will be happy to answer your questions.
Request a Callback
Click Here and a Specialist will call you back at your convenience.
Chat Online
Click Here to chat with a Specialist right from your web browser.
Summary: In his latest video, Peter Schiff shares his thoughts on the bitcoin mania that is sweeping the world. After rising from less than $20 to more than $600 in one year, many investors are wondering if bitcoin might be worth the risk. Early adopters pitch bitcoin as “gold 2.0” – a digital currency that cannot be manipulated like fiat money. Bitcoins are even “mined,” similar to physical gold and silver. However, Peter explains why bitcoins still fail as a substitute for gold and strongly urges investors to avoid this risky new currency. Bitcoin could very well have already hit its top, but Peter is confident gold is still well below its future record highs.
Follow us on Twitter to stay up-to-date on Peter Schiff’s latest thoughts: @SchiffGold
Interested in learning about the best ways to buy gold and silver?
Call 1-888-GOLD-160 and speak with a Precious Metals Specialist today!
