Peter Schiff: U.S. Rally Is Doomed, Gold Will Hit $5000

Quote from makloda:

You might want to watch his "Nasdaq will goto 500" call from September 2002 before you reply to this post.

If Schiff is so ultra-smart and calls the market's every move, then why is this idiot on CNBC pumping his books and ridiculous little brokerage firm peddling foreign penny stocks to dumbass retail investors @ 3% fees per transaction? Why does he leave it to Paulson and others to make a fortune from the markets?

Big difference between trading and making money in the markets while staying flexible or being a broken clock dogmatic perma bull/bear on bubble vision.
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This is a video of the prediction in question.
http://www.europac.net/schiffvideo_wm_lg.asp

He was called out on this prediction by Todd Sullivan from seekingalpha. Below is the response from Schiff (Nov 20 2008).


"Watch that video again, what did I recommend -- Sell U.S. stocks, get out of the dollar, buy high yielding foreign stocks, and buy commodities, including gold and oil.

Lets see back in May 2002 the Down was over 10,000 and the NASDAQ was at 1700. So in the past 6 years, U.S stocks are DOWN about 25% Also the dollar Index was at 107, and even with the recent rally is only at 88, or a decline of %18. Oil was at $30 per barrel, now $50 and gold was at $300 per ounce and is now at about $750.

In addition, most foreign stock markets are still well above May 2002 levels, and with high dividend yields, they have considerably out-preformed U.S stocks.

Check your facts next time!!"
 
So did he predict Nasdaq 500 or not?

The problem with Schiff is he is NEVER admits he is/was wrong. See a pattern here? He's a psychotic that believes the markets will ALWAYS do what he predicts. The perfect recipe for blowing up. He probably knows best why he is in the business of selling books and investment advice and not running a hedge fund.

Ever see John Paulon wasting his time on bubblevision make ridiculous predictions? No. Yet Paulson rode the banks all the way down and then all the way up, making himself and his clients billions in the process. Why didn't Schiff trade likewise instead of just talk?
 
Quote from makloda:

You might want to watch his "Nasdaq will goto 500" call from September 2002 before you reply to this post.

If Schiff is so ultra-smart and calls the market's every move, then why is this idiot on CNBC pumping his books and ridiculous little brokerage firm peddling foreign penny stocks to dumbass retail investors @ 3% fees per transaction? Why does he leave it to Paulson and others to make a fortune from the markets?

Big difference between trading and making money in the markets while staying flexible or being a broken clock dogmatic perma bull/bear on bubble vision.
More...



You obviously didn't watch the speech.
 
Quote from peilthetraveler:

High prices are a result of inflation. The inflation is already here. When you increase the money supply, thats inflation. Takes a while for the prices to catch up.

But the reason we havent seen inflation in prices is because inflation right now is just stopping the prices from going down. If the government hadnt been spending so much money, Gas would probably be 70 cents per gallon, milk 98 cents per gallon, bread 40 cents per gallon ect. With prices that low, profits would be low, layoffs would be 10x worse than now and people that owe debt would not be able to pay, which would cause defaults like crazy, which would cause a further deflationary spiral.

Right now, the inflation is just balancing out the deflation. The genie is already out of the bottle. You WILL see it by this time next year.
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"Money supply" is a slippery term really... the Fed can print dollars or electronically create them.. and lenders can do fractional reserve banking and create money too.... I'm thinking that our policies are to shore up lending and get things going again but meanwhile we also printed a lot of money so when lending gets going again, that's when we will have inflation... secured loans tie up money in an assett, or they used to, before the Heloc's.. and unsecured lending is pure money creation.. so it may be awhile but that stuff will start up..
 
Quote from peilthetraveler:

I love when people take these little time frames and say "see! he was wrong"

Buffet(the worlds greatest investor) also lost as much as schiffs clients during the same time period.

What people love to do is not look at how all the clients that stayed with him now have their money back, while everyone else's portfolio is still down.
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do you have an accout with schiff? if you don't then shut up faggot. invariably schiff's biggest supporters have NEVER INVESTED with him. if they did they would not be supporters of this clueless monkey. his most conservative "capital preservation" portfolio was down at least 70% with at least half a dozen companies going bankrupt.

when you lose 70% of your wealth there is no "long term" it is a first round KO. You cannot recover from that. Period.

schiff's stocks are bouncing the same way the rest of the market is bouncing. it's called a bear market rally. unfortunately his stocks will have to go up 400% JUST TO BREAK EVEN. what is worse is once this bear market rally fizzles his portfolio will once again be leading the way in getting totally WIPED OUT.

Coming soon: "Schiff Brutally Raped: The Sequel"
 
Quote from fullblotter:

do you have an accout with schiff? if you don't then shut up faggot. invariably schiff's biggest supporters have NEVER INVESTED with him. if they did they would not be supporters of this clueless monkey. his most conservative "capital preservation" portfolio was down at least 70% with at least half a dozen companies going bankrupt.

when you lose 70% of your wealth there is no "long term" it is a first round KO. You cannot recover from that. Period.

schiff's stocks are bouncing the same way the rest of the market is bouncing. it's called a bear market rally. unfortunately his stocks will have to go up 400% JUST TO BREAK EVEN. what is worse is once this bear market rally fizzles his portfolio will once again be leading the way in getting totally WIPED OUT.

Coming soon: "Schiff Brutally Raped: The Sequel"
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Did you have an account with him?
 
So if you live in CT you get four more years of Dodd or a change with Mr Schiff aka La Douche, glad I don't live there. There was a phone interview where one of his client is like "hey douchebag, you just lost me a million bucks" classic stuff!!:D
 
Quote from kinggyppo:

So if you live in CT you get four more years of Dodd or a change with Mr Schiff aka La Douche, glad I don't live there. There was a phone interview where one of his client is like "hey douchebag, you just lost me a million bucks" classic stuff!!:D
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Yeah, you listen to Schiff and you agree the US is heading towards hyperinflation and gold is going to 10k so you decide to put all your money in some Australian zinc mine cause hey the rest of the world will decouple.:p

Schiff has stated thousands of times: My personal portfolio component NR 1 : physical gold.
 
Quote from harkm:

Did you have an account with him?
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I'm very lucky that I never opened one. I was going to but I started getting red tape about being a Canadian so I didn't pursue it. I have many friends, however, who invested with him for many years. Let me explode the biggest myth about Schiff: that his long term clients did well and it was only his new clients who suffered. One friend was with him for at least five years and saw his initial 100k grow to 160k in the bubble years. In a few short months last fall his account was decimated and he was left with a total of around 40k. The account has bounced to around 70ksh but there is simply no chance in hell it will ever recover what was lost.

Below is a good article that really exposes fraud schiff:

http://globaleconomicanalysis.blogspot.com/2009/01/peter-schiff-was-wrong.html
 
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