Gold price will explode & dollar get wiped out warns investor Peter Schiff

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Gold price will explode & dollar get wiped out warns investor Peter Schiff

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Peter Schiff was among the few economists who correctly predicted the financial crisis in 2008. Ten years later, he sees another crisis emerging: a crisis that can crash the stock market and wipe out the US dollar.


“I predicted a lot more than just the stock market going down back then. I predicted the financial crisis, but more importantly, I predicted what the government would do as a result of the financial crisis and what the consequences of that would be because that’s where we’re headed. The real crash I wrote about in my most recent book is still coming,” Schiff said in an article posted by Greg Hunter's USAWatchdog.com and quoted by ZeroHedge.

According to Schiff, the US Fed has inflated a gigantic bubble, which is impossible to pop, but when it bursts, the consequences would be very painful for the economy and much bigger than the 2008 meltdown.

“I think this bubble is too big to pop. I think it’s the mother of all bubbles, and when it bursts, there is not a bigger one that the Fed is going to be able to inflate to mask these problems, meaning we can’t kick the can down the road anymore. This time, the crisis is going to hit everyone in the wallet,” he said.

He compared the $20 trillion US debt to a camel loaded with straws.

“How many straws can you put on a camel’s back? You don’t know until you put that final straw that’s one too many and you break his back. So, can we go to $25 trillion in debt? Maybe. At some point, we are going to break the back of the camel with all this debt. Then we are going to find out how much debt we can pile on, and it’s not going to be pretty,” Schiff said.

“Everybody is going to lose. Everybody is going to get wiped out who has been partying in the stock market, the bond market and the real estate market. The dollar is going to tank, and purchasing power is going to get wiped out.”

Schiff says the current financial system would also fail to artificially curb the prices of precious metals.

“They can’t keep doing it, and it will end. It’s just like how much debt can we take on. It’s not an unlimited amount. We will know when we get there. How long can they keep the price of gold suppressed? We will know when we get there. At some point, the price is going to explode because there is real physical buying, and all that paper selling can’t camouflage that,” said the money manager.

According to Schiff, gold is the real alternative to fiat money, and people are starting to doubt they can really trust central banks.

“People don’t trust fiat currencies...More and more people are looking for alternatives, and the real alternative is gold. When they embrace it, it’s going to overwhelm the central banks’ ability to suppress the price. In the meantime, enjoy the gift that they are giving,” he said.


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I wonder how much interest he has in gold commodities? I think I will head on down to Gunther's Guns to get something to protect my family.
 
Everyone knows guns are the real commodity.

You can arm a militia and take what you want with guns, what's a soft yellow metal vrs the real power of a firearm?
 
Schiff is no dummy. He got some media attention back during the financial crisis and he's been using it since 2 help himself and his Investments
 
Bears predict the market will go down and gold will jump every week.

Then when it happens, they say they predicted it. Easy game.
 
i looked into unloading the silver coins i have

my great g-ma was a bank teller back in the day and kept rare coins she found

found a bag full of wheat pennies and thought nothing of it until i looked closer and found several 55 double die and a 1943 non-magnetic error coins

unfortunately they were circulated and not mint but they are still being appraised

if u have silver coins u should probably go look thru each individual one and look for rare mints or die errors

walking liberties and jfks in particular
 
It looks like AMD will not hit that. The core shareholders/investors keep dumping at about 14. I checked it out before it went down, and figured I was never going to hit my mark this year. Didn't start a thread about it.

He's right that we are just about to tank like 2007. I'm not sure if it will be gold though. It could be. It will be some sort of destabilizing cost of living recession, and people will just refuse to spend their money, and there will probably be a major mortgage default on all these 1/2 million dollar ranch homes.
 
The problem with gold imploding is that it is used as a hedge against inflation by rich people to keep wealth from devaluating. If they have all the money, they can literally trade it back and forth as a commodity for whatever they want, and it will retain its value. How much gold does the average person have anyway?

With change of ownership, which appears to be occurring instead of trickle down economics, the wealthy just buy everything up and stabilize the price of it between each other, making everyone else fail to be able to afford the commodity. This is the typical New York rent/real estate, Tokyo real estate situation, that has been seen a few times before, and pervaded in situations like the colonization of North America and Australia, where people just had to get out and go somewhere else to live because they were being hung for stealing too expensive bread, or for poaching on land owned by only a few individuals.


Guys should also realize that China is betting on the recession and North Korea right now.
 
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naptown said:
if u have silver coins u should probably go look thru each individual one and look for rare mints or die errors

walking liberties and jfks in particular
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True story.

amRam said:
Schiff is no dummy. He got some media attention back during the financial crisis and he's been using it since 2 help himself and his Investments
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Spot on. Hey has Maloney OD'd yet? Fucking guy has been hitting the heroin pretty hard lately.
 
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