Latest rantings from guru Peter Schiff

sabretoothtigger

http://www.youtube.com/watch?v=U4cr_eE--cI

Peter points out that the DOW at it's low point was worth 7 ounces of gold. Month ago he predicted that the DOW would be worth 7 ounces of gold this year, and 5oz next. He also says that the 3rd Bush term under Obama is going to be far more devastating than the previous Bush terms, and that it's only a matter of time before people start to flee the dollar.

Lol_UK_2

Well done for posting some of 'Doctor Doom's' wise words...everytime I've tried to point people towards his point of view I've been getting some stick on these forums! (mostly because of the bullish position on gold...).
IMO I think he has got it right- not that I would wish this scenario on us or the world! It appears to me a bit like the climate change naysayers...they may be right but are we willing to take the risk that they are very wrong?

tradetime

Lol_UK wrote: »

Well done for posting some of 'Doctor Doom's' wise words...everytime I've tried to point people towards his point of view I've been getting some stick on these forums! (mostly because of the bullish position on gold...).
IMO I think he has got it right- not that I would wish this scenario on us or the world! It appears to me a bit like the climate change naysayers...they may be right but are we willing to take the risk that they are very wrong?

Nevr looked at anything he has said to be honest, but to give you some perspective on what opinions I regularly listen to for their perspective, Nouriel Roubini, the real Dr Doom, Marc Faber author of the "Gloom, boom and doom report" and to a lesser extent Jim Rogers,(as he's rather repetitive)

sabretoothtigger

I saw an old vid of Schiff and he was talking about how good oil had been, obviously this was before it fell but it shows you have to take his advice in a long term context

Just because he was right about gold a couple years ago doesnt mean its a good time to buy it now though he is still right on his bias vs stocks.
So far he has not been proven on cash or foreign investments so I consider this a personal judgement call

These guys may be good for making up a shopping list but its still down to us to actually get the best price and value on that item

tradetime

tradetime wrote: »

Nevr looked at anything he has said to be honest, but to give you some perspective on what opinions I regularly listen to for their perspective, Nouriel Roubini, the real Dr Doom, Marc Faber author of the "Gloom, boom and doom report" and to a lesser extent Jim Rogers,(as he's rather repetitive)

Talking of Marc Faber, just came across this, is quite recent. Sound is appalling but if you can put up with it it's an interesting listen, fair warning, he is also a fan of gold, but not what I'd call a mad goldbug, but he dies see it as a store of value against disaster.
http://www.youtube.com/watch?v=EkvOQZW6gvs&playnext_from=PL&feature=PlayList&p=BCC98DFB1CB80843&index=19&playnext=5&playnext_from=PL

sabretoothtigger

Wow I just looked this guy up and he worked with Gordon Gecko himself, Michael Milken ?

He knows about extremes of risk and bust then




http://en.wikipedia.org/wiki/Drexel_Burnham_Lambert

Masomnia

In 1796 (I think) Tom Paine wrote a pamphlet about how the British national debt was growing expontentially, would get out of control, and would lead to the collapse of the British economy.

It didn't happen. Same nonsense, different century.

sabretoothtigger

I dont know Tom Paine, would have to look it up.
I listened to that Marc Faber guy and the audio quality is awful but what he is saying is totally reasonable. He is talking quite positive about shares there though he says the dow is overvalued vs Asian economies as south korea is at 1988 levels but the sp500 would be 350 if it fell to 1990 levels


'emerging markets are more cyclical' Lots of stuff to think about tbh

tradetime

Yeah, he's another interesting character, but as always you've got to take these things under advisement and do your own research, take what's useful and throw the rest away, nobodies ever good enough to follow blindly imho.

Masomnia

Maybe he's not the best example since he was no economist. But my general point is that every time there's a problem like this we hear that our problems are unprecedented, we need gold (Paine actually argued against fiat currency too), the economy could collapse, and yet we get through it.

Maybe I'm just naive?