Peter Schiff at Grand Cayman Liberty Forum

[Tod]

Peter is interviewed by Daniela Cambone (Kitco) at the Grand Cayman Liberty Forum

10 min video at link

Gold Will Rise Faster Than Rocket Ship - Peter Schiff

Nov 18, 2014

Guest(s): Peter Schiff CEO, Euro Pacific Capital


Are Russia and Europe buying more gold? Will the Swiss vote ‘yes’ in its gold referendum? Is there a chance for QE4? Peter Schiff is on Kitco News to comment on some of the most recent headlines surrounding the gold market and also to share his thoughts on the U.S. economy. The Euro Pacific Capital CEO says the U.S. recovery isn’t real and adds that the dollar is only strong because all other currencies are weak. “I think people are worried about the Yen, about the Euro so the dollar wins by default…It’s only because of the euphoric effects of our last round of QE haven’t worn off yet.” Schiff adds that he doesn’t think the Fed will raise rates because they want to, but rather because the central bank will be put in a corner with a sinking dollar and accelerated inflation. “Gold is going to $5,000,” Schiff says. “I think when this decline is over…I think gold is going to take a rocket ship back up.” Tune in now to see why he thinks that this is the best fundamental environment for gold he’s ever seen, and why he thinks this deflation scare may be a hoax. Kitco News, November 18, 2014.

http://www.kitco.com/news/video/show...--Peter-Schiff







In before the naysayers who say Schiff is just saying what he says because he's hawking gold.



P.S. I was watching a video where Peter was talking about Puerto Rico's tax advantages for the wealthy and they showed a woman (and little kid) that is apparently Peter's wife. Looks like he robbed the cradle of a young blonde model.

[Zippyjuan]

Gold $5000 by 2009! Gold $5000 soon!" (2010). "Gold may hit $5,000 next year" (2011). QE infinity. Fed won't be able to end QE3. It will go on forever.

Schiff is now into offshore banking. (But American's can't use his bank). He is also considering moving to Puerto Rico. https://www.lewrockwell.com/2014/09/...got-snookered/

[Occam's Banana]

In before the naysayers who say Schiff is just saying what he says because he's hawking gold.

Hey, wait just a minute there! You don't get to call "in before" in the very first post of a thread! That's cheating! ...

[Madison320]

In before the naysayers who say Schiff is just saying what he says because he's hawking gold.

I keep explaining to the Schiff haters that Schiff sells all sorts of investments, not just gold. As opposed to most investors that ONLY sell US stocks and bonds. Who do you trust more? The guy that sells A and B but recommends B? Or the guy that sells only A and recommends A? But the Schiff haters aren't bright enough to understand this concept.

[Madison320]

Gold $5000 by 2009! Gold $5000 soon!" (2010). "Gold may hit $5,000 next year" (2011). QE infinity. Fed won't be able to end QE3. It will go on forever.

Schiff is now into offshore banking. (But American's can't use his bank). He is also considering moving to Puerto Rico. https://www.lewrockwell.com/2014/09/...got-snookered/

You don't even watch the videos do you?

[Deborah K]

Peter is interviewed by Daniela Cambone (Kitco) at the Grand Cayman Liberty Forum

10 min video at link



http://www.kitco.com/news/video/show...--Peter-Schiff







In before the naysayers who say Schiff is just saying what he says because he's hawking gold.



P.S. I was watching a video where Peter was talking about Puerto Rico's tax advantages for the wealthy and they showed a woman (and little kid) that is apparently Peter's wife. Looks like he robbed the cradle of a young blonde model.

The woman Schiff brought to PaulFest was not a blonde.

[Zippyjuan]

I keep explaining to the Schiff haters that Schiff sells all sorts of investments, not just gold. As opposed to most investors that ONLY sell US stocks and bonds. Who do you trust more? The guy that sells A and B but recommends B? Or the guy that sells only A and recommends A? But the Schiff haters aren't bright enough to understand this concept.

Can't say about anybody else but I have never said that Schiff ONLY sells gold products. I have said that he makes money by selling gold products so he does have an incentive to hype gold- which he does every chance he gets. And he has been saying gold could go to $5000 for many years now.

His wife:



They have two sons- don't know their ages.

[DFF]

She isn't that young...anyway, it doesn't matter who he's with as long as he keeps doing his thing and telling the truth.

[Danke]

Robert Ringer there sounds even more enthusiastic on Gold:

http://www.kitco.com/news/video/show...-Robert-Ringer

[Tod]

I stumbled across the link to the video about P.R. that featured the wife and kid by watching this



At the very end, Peter lists a web site, which takes you here, and this is the video with the wife and kid. You can see at 20:50. Maybe Peter hired a model to play his wife, or maybe it is from a while back and she had dyed her hair blonde? Kid is maybe two. I'm sure I don't know: http://www.internationalman.com/tax-free-zone-video

As an aside, I think they overstate how wonderful Puerto Rico is....I was there a few years ago and drove around quite a bit of the island. IIRC, there were 7 murders over a weekend while I was there. Some nice houses - with barred windows and often gated property - and a lot of poverty. People in San Juan (wait staff, taxi driver, etc) didn't seem all that friendly, at least not like it is described in the video.

[Madison320]

Can't say about anybody else but I have never said that Schiff ONLY sells gold products. I have said that he makes money by selling gold products so he does have an incentive to hype gold- which he does every chance he gets. And he has been saying gold could go to $5000 for many years now.

The point is that he makes just as much money selling US bonds as he does gold. As opposed to most investment firms that make nothing from selling gold. You really don't get it, do you? I think you are "logic challenged".

[Zippyjuan]

So he can't hype gold and sell gold funds, gold certificates, and gold coins and stock funds and one bond fund?

How many interviews can you find where he DOESN'T talk about gold and how it is due to go higher?

[Gaddafi Duck]

So he can't hype gold and sell gold funds, gold certificates, and gold coins and stock funds and one bond fund?

How many interviews can you find where he DOESN'T talk about gold and how it is due to go higher?

Let's see...gold/silver are the most depressed markets currently. So, with silver at 66% below its all-time high, with gold at around 40% below its all-time high, and with many gold stocks at the lowest levels they've been in over 15 years, why would he be going on television advocating people buy into the S&P which is at its all time high? Or 10-year government bonds that yield 2%?

I'm currently reading "Fiat Money Inflation in France" which was written about 100 years ago on the French Revolution. You could lay the inflationist proponents' arguments in France over the top of today and you couldn't tell the difference.

Oh, and even though paper money collapsed in value to be worthless in France, there were periods where the value surged. So, I find it interesting over the course of a 15 year period, gold is up nearly 5x while the Dow is marginally higher, and you selectively choose to look at the performance of gold over the course of the past 2 years vs. US equities and say Schiff was wrong.

Using that logic, you could've said, "WOW! French paper money (assignats) are surging in value!" In 1792 because they went up in value compared to 1791, and by 1793 they were worthless.

Schiff would've been saying in 1789 when the paper money was introduced that it wouldn't work, but Zippy would be there in 1792 saying, "SEE! They went up vs. last year...Schiff is a broken record!!!" and the next year they would be completely worthless.

So, even with the correction in gold, it's still better performing than stocks have been over the past 15 years...and considering most people invest with their retirements, you would've been better off in gold than the Dow.

[John X]

So, with silver at 66% below its all-time high, with gold at around 40% below its all-time high, and with many gold stocks at the lowest levels they've been in over 15 years, why would he be going on television advocating people buy into the S&P which is at its all time high?

Maybe the same reason he said to buy gold at 1900 or miners before they dropped 70%.

[Madison320]

So he can't hype gold and sell gold funds, gold certificates, and gold coins and stock funds and one bond fund?

How many interviews can you find where he DOESN'T talk about gold and how it is due to go higher?

Never mind.

[Madison320]

Let's see...gold/silver are the most depressed markets currently. So, with silver at 66% below its all-time high, with gold at around 40% below its all-time high, and with many gold stocks at the lowest levels they've been in over 15 years, why would he be going on television advocating people buy into the S&P which is at its all time high? Or 10-year government bonds that yield 2%?

I'm currently reading "Fiat Money Inflation in France" which was written about 100 years ago on the French Revolution. You could lay the inflationist proponents' arguments in France over the top of today and you couldn't tell the difference.

Oh, and even though paper money collapsed in value to be worthless in France, there were periods where the value surged. So, I find it interesting over the course of a 15 year period, gold is up nearly 5x while the Dow is marginally higher, and you selectively choose to look at the performance of gold over the course of the past 2 years vs. US equities and say Schiff was wrong.

Using that logic, you could've said, "WOW! French paper money (assignats) are surging in value!" In 1792 because they went up in value compared to 1791, and by 1793 they were worthless.

Schiff would've been saying in 1789 when the paper money was introduced that it wouldn't work, but Zippy would be there in 1792 saying, "SEE! They went up vs. last year...Schiff is a broken record!!!" and the next year they would be completely worthless.

So, even with the correction in gold, it's still better performing than stocks have been over the past 15 years...and considering most people invest with their retirements, you would've been better off in gold than the Dow.

Also remember that Schiff is not comparing gold to stocks, he's comparing gold to paper. But I agree with everything you wrote.

I just thought about something in regards to the stopped clock complaint. In a way the people that are arguing that Schiff is a stopped clock are right. Since the failure rate of fiat currencies is almost 100% and Schiff is predicting a fiat currency collapse, I guess you could say he's a stopped clock and he's predicting the obvious.

Here's a link to that book about inflation in France. Amazing stuff.

http://lynncoins.com/fiat-money-france.htm

[Madison320]

I'm currently reading "Fiat Money Inflation in France" which was written about 100 years ago on the French Revolution. You could lay the inflationist proponents' arguments in France over the top of today and you couldn't tell the difference.

http://lynncoins.com/fiat-money-france.htm

I had to post the beginning of this book. It was written in 1914!

"Early in the year 1789 the French nation found itself in deep financial embarrassment: there was a heavy debt and a serious deficit.

The vast reforms of that period, though a lasting blessing politically, were a temporary evil financially. There was a general want of confidence in business circles; capital had shown its proverbial timidity by retiring out of sight as far as possible; throughout the land was stagnation.

Statesmanlike measures, careful watching and wise management would, doubtless, have ere long led to a return of confidence, a reappearance of money and a resumption of business; but these involved patience and self-denial, and, thus far in human history, these are the rarest products of political wisdom. Few nations have ever been able to exercise these virtues; and France was not then one of these few.[2]

There was a general search for some short road to prosperity: ere long the idea was set afloat that the great want of the country was more of the circulating medium; and this was speedily followed by calls for an issue of paper money. The Minister of Finance at this period was Necker. In financial ability he was

acknowledged as among the great bankers of Europe, but his was something more than financial ability: he had a deep feeling of patriotism and a high sense of personal honor. The difficulties in his way were great, but he steadily endeavored to keep France faithful to those principles in monetary affairs which the general experience of modem times had found the only path to national safety. As difficulties arose the National Assembly drew away from him, and soon came among the members renewed suggestions of paper money: orators in public meetings, at the clubs and in the Assembly, proclaimed it a panacea—a way of “securing resources without paying interest.” Journalists caught it up and displayed its beauties, among these men, Marat, who, in his newspaper, “The Friend of the People,” also joined the cries against Necker, picturing him—a man of sterling honesty, who gave up health and fortune for the sake of France—as a wretch seeking only to enrich himself from the public purse.

Against this tendency toward the issue of irredeemable paper Necker contended as best he might. He knew well to what it always had led, even when surrounded by the most skillful guarantees. Among those who struggled to support ideas similar to his was Bergasse, a deputy from Lyons, whose pamphlets, then and later, against such issues exerted a wider influence, perhaps, than any others: parts of them seem fairly inspired. Any one to-day reading his prophecies of the evils sure to follow such a currency would certainly ascribe to him a miraculous foresight, were it not so clear that his prophetic power was due simply to a knowledge of natural laws revealed by history. But this current in favor of paper money became so strong that an effort was made to breast it by a compromise: and during the last months of 1789 and the first months of 1790 came discussions in the National Assembly looking to issues of notes based upon the landed property of the Church,--which was to be confiscated for that purpose. But care was to be taken; the issue was to be largely in the shape of notes of 1,000, 300 and 200 livres, too large to be used as ordinary currency, but of convenient size to be used in purchasing the Church lands; besides this, they were to bear interest and this would tempt holders to hoard them. The Assembly thus held back from issuing smaller obligations.

Remembrances of the ruin which had come from the great issues of smaller currency at an earlier day were still vivid. Yet the pressure toward a popular currency for universal use grew stronger and stronger. The finance committee of the Assembly reported that “the people demand a new circulating medium”; that “the circulation of paper money is the best of operations”; that “it is the most free because it reposes on the will of the people”; that “it will bind the interest of the citizens to the public good.”

The report appealed to the patriotism of the French people with the following exhortation: “Let us show to Europe that we understand our own resources; let us immediately take the broad road to our liberation instead of dragging ourselves along the tortuous and obscure paths of fragmentary loans.” It concluded by recommending an issue of paper money carefully guarded, to the full amount of four hundred million livres, and the argument was pursued until the objection to smaller notes faded from view. Typical in the debate on the whole subject, in its various phases, were the declarations of M. Matrineau. He was loud and long for paper money, his only fear being that the Committee had not authorized enough of it; he declared that business was stagnant, and that the sole cause was a want of more of the circulating medium; that paper money ought to be made a legal tender; that the Assembly should rise above prejudices which the failures of John Law’s paper money had caused, several decades before. Like every supporter of irredeemable paper money then or since, he seemed to think that the laws of Nature had changed since previous disastrous issues. He said: “Paper money under a despotism is dangerous; it favors corruption; but in a nation constitutionally governed, which itself takes care in the emission of its notes, which determines their number and use, that danger no longer exists.” He insisted that John Law’s notes at first restored prosperity, but that the wretchedness and ruin they caused resulted from their overissue, and that such an overissue is possible only under a despotism.[3]"

[Madison320]

More from the book:

"He, too, predicted, as many others had done, a time when gold was to lose all its value, since all exchanges would be made with this admirable, guaranteed paper, and therefore that coin would come out from the places where it was hoarded. He foretold prosperous times to France in case these great issues of paper were continued and declared these “the only means to insure happiness, glory and liberty to the French nation.” Speeches like this gave courage to a new swarm of theorists,--it began to be especially noted that men who had never shown any ability to make or increase fortunes for themselves abounded in brilliant plans for creating and increasing wealth for the country at large."

PAUL KRUGMAN!!!


"The great majority of Frenchmen now became desperate optimists, declaring that inflation is prosperity. Throughout France there came temporary good feeling. The nation was becoming inebriated with paper money. The good feeling was that of a drunkard just after his draught; and it is to be noted as a simple historical fact, corresponding to a physiological fact, that, as draughts of paper money came faster the successive periods of good feeling grew shorter."

Amazing! Exactly what is happening now! We are now told by economic "experts" that inflation is good! Remember when inflation was bad a few years ago?

"A still worse outgrowth was the increase of speculation and gambling. With the plethora of paper currency in 1791 appeared the first evidences of that cancerous disease which always follows large issues of irredeemable currency,--a disease more permanently injurious to a nation than war, pestilence or famine. For at the great metropolitan centers grew a luxurious, speculative, stock-gambling body, which, like a malignant tumor, absorbed into itself the strength of the nation and sent out its cancerous fibres to the remotest hamlets. At these city centers abundant wealth seemed to be piled up: in the country at, large there grew a dislike of steady labor and a contempt for moderate gains and simple living."

"Before long, the debtor class became a powerful body extending through all ranks of society. From the stock-gambler who sat in the Assembly to the small land speculator in the rural districts; from the sleek inventor of canards on the Paris Exchange to the lying stock-jobber in the market town, all pressed vigorously for new issues of paper; all were apparently able to demonstrate to the people that in new issues of paper lay the only chance for national prosperity."

[Zippyjuan]

Schiff was "brilliant" in predicting a bubble and eventual decline in asset prices for something which doubled in prices over six years (housing) yet was unable to predict a bubble in another asset which quadrupled in price (gold) and even after that bubble burst continued to insist it could go higher indefinitely. No matter what gold does, he promises it will go even higher. If a real estate agent was telling you that housing prices would continue even higher after that bubble burst would you believe that?