Peter Schiff: Wealth Shifting Out of US and the Dollar
Peter Schiff on CNBC’s Fast Money November 26, 2009, discusses gold, the US Dollar and some US stocks that he owns.
I understand that the big shift is going to be wealth away from the United State, out of the dollar. America, our living standards are going to fall. The living standards in other countries are going to rise. I want to be on the receiving end of that wealth transfer. I want to own for myself and for my clients assets and currencies that are going to be rising in value relative to the United State.
The wealth transfer has certainly begun, and it began nearly a decade ago, as can be evidenced by the continuous rise in the price of gold since 2002. As the dollar continues to weaken, more money will flow from the US to safehavens around the world. Those safehavens may include precious metals like gold or silver, commodities like oil and agriculture producers, or even countries like China and Austrlia. The smart money sees the long term trend, and it is shifting out of the United States, much like it did right before the crash of 1987, when it moved to Japan.
Peter Schiff on Gold:
It can go down in the short run. Can it drop $100 or $200? Sure. But, I’m not worried about that. I’m looking at the long term. And unfortunately, the long-term is bright, because the picture is bleak for the US based on what The Federal ReserveÂ and the government are doing to destroy our economy.
Forget short-term trading. Gold is a wealth protecting asset and will likely be one of the few assets that will maintain, if not appreciate, purchasing power over the coming decade. If you watch gold/silver in the short-term, then buy more on pullbacks or corrections, but selling in anticipation of a short-term drop may not be a sound decision.
Watch the Interview with Peter Schiff:
(Best viewed with Internet Explorer)
Click here to subscribe: Join over one million monthly readers and receive breaking news, strategies, ideas and commentary.
Please Spread The Word And Share This Post
Read by 119 people
Date: November 30th, 2009
Copyright Information: Copyright SHTFplan and Mac Slavo. This content may be freely reproduced in full or in part in digital form with full attribution to the author and a link to www.shtfplan.com. Please contact us for permission to reproduce this content in other media formats.