Peter Schiff Investment question

[mello]

I was reading a recent article with Peter Schiff & the article said:

He has advised people to buy commodities, specifically gold and silver to protect
against inflation, and invest abroad in places like China, Australia, Canada and Singapore
and to buy Swiss Francs, Australian Dollars and Singapore Dollars.

What is so special about Swiss Francs, Australian Dollars and Singapore Dollars? I
thought that almost every currency out there is fiat money. Are those three backed by
gold or some other precious metal? I've been buying gold coins since the election. I save
up a thousand bucks & then buy a 1 oz. krugerrand.

[Shinerxx]

There is no government currency backed by a commodity from my knowledge. The reason Peter recommends those currencies is because they are used by countries that produce stuff. Those currencies also could at some point in the future be the most likely to end up backed by a commodity.

[TCE]

I was reading a recent article with Peter Schiff & the article said:

He has advised people to buy commodities, specifically gold and silver to protect
against inflation, and invest abroad in places like China, Australia, Canada and Singapore
and to buy Swiss Francs, Australian Dollars and Singapore Dollars.

What is so special about Swiss Francs, Australian Dollars and Singapore Dollars? I
thought that almost every currency out there is fiat money. Are those three backed by
gold or some other precious metal? I've been buying gold coins since the election. I save
up a thousand bucks & then buy a 1 oz. krugerrand.

China has no debt, Canada has their debt under control, Sweden has no debt, etc.

[Jordan]

There is no government currency backed by a commodity from my knowledge. The reason Peter recommends those currencies is because they are used by countries that produce stuff. Those currencies also could at some point in the future be the most likely to end up backed by a commodity.

Swiss Franc is partially backed.

[Arklatex]

No I believe the Swiss Franc is no more backed than the USD is. It's only backed by the Government issuing it, which supposedly they hold some gold. Or lets hope all countries have some gold. Or at least they want us to believe they do.

[mello]

I remember seeing an interesting documentary about gold (I think it was an episode of
Modern Marvels). Anyway they mentioned that all of the gold that has been mined
throughout history would fit inside of the base of the Statue of Liberty.

[Jordan]

No I believe the Swiss Franc is no more backed than the USD is. It's only backed by the Government issuing it, which supposedly they hold some gold. Or lets hope all countries have some gold. Or at least they want us to believe they do.

Looks like your right...

The Swiss had to get rid of their 40% backed currency when they joined the IMF, and sold most of their gold and silver in 2006.

Damn.