Is Now the Time to Sell Gold? (Video) – Peter Schiff
MNH,
I’m backing the truck up tomorrow morning! 🙂
Jody D
All RIGHT JODY D.!!!
Peter is and has been correct in real estate and PMS. These are the times to meet your objectives in gold and silver…and for a very short time period, sell your excess real estate.
Peter is spot on. He makes very important point about recent take-down causing nervous miners to be wary of ramping up production until price of gold is considerably higher than cost per ounce. I believe this will prolong the shortage and drive the price even higher.
My advice to people is buy gold & silver….me I prefer silver , & besides I cant afford to buy gold….I gave up listening to the experts over at KWN two years ago…..gold is going to the moon, gold is going to rocked launch blah.blah……
yes these people know more than I do…but they all have skin in the game. I buy silver because I believe the metals are real money & that their day will come , & yes I believe silver will out perform gold…..
No, Peter! Here is the bear case for gold.
Hedge Funds and Gold Banks have so much money, that in a paper market, which sets the price of gold, they can naked short to their hearts content.
As long as they have more money than investors and speculators, the hedge funds and gold banks can determine the price and price WHEREVER THEY WANT.
Only when the dollar crashes and a new currency rises from the ashes, if it is backed by gold, will the gold price be of necessity be priced higher.
Having stated that, I have bought gold at $500, I have bought gold at $1000, I have bought gold at $1500, I have bought gold at $1900, I have bought gold at $1500 and although I am out of spare paper money, my gold is stored outside the US and will never be sold to anyone until a time of my choosing or my offspring’s choosing.
True CFS. Central Banks alone control in excess of 20% of all above ground physical gold. Combine that with their long contract positions, hedges, direct share ownership of some mines (certain CB’s only) plus assorted interests at the warehouse level and it is pretty clear who is in charge of the market. Right now they want gold dead but that will change over time and when it does your best bet is to be positioned with miners as I see it.
Technical Analysis, Cycles, appeal to rhyming patterns and historicals, have no meaning in a rigged market and the gold market will never be a free market while it is run by the rogues of the Crimex. I just hope fundamentals and cost of production might win out in the end. I am gambling on that, but it is a gamble.
Forget Waldo, who can find Bird Man?:
http://www.jsmineset.com/wp-content/uploads/2013/06/133249_600.jpg
I could be wrong cfs, but I dont think your gambling on gold, gold will over and undervalue but overall it goes to where it should be, and that keeps it purchaseing power over centuries. Its just money. Now, how long it takes to “even out”
that could be a guess.
I agree.
Mathew, would the american people remember who B Franklin was?
If they did, maybe it would be an idea to spread that around.
Maybe that “twitter” thing? I dont know how to make somthing go “viral”.
I don’t know how to make something go viral either. It’s probably too late to matter anyway. Plus, it’s a “bullshit quote,” remember? Most people are Bird people -beeple?
Beeple eh? HaHa…pretty funny.
Actually the gold-bugs are more like sheep than any group I can imagine. They all think they are the contrarian investors yet they march to the same tune like little golden soldiers while all chanting in unison. I really get a kick out of it because they think they are original when they are just carbon copy prints of one another. Repeating the same mantras over and over again is actually a sign of bondage and brainwashing. Far be for me to convert them though. Is it any surprise they are all going down on the good ship “Fanatic” together?
Perhaps you don’t know the meaning of “contrarian.”
http://www.321gold.com/editorials/sfs/hubbartt062813/goldpojune282013.gif
Those who despise gold clearly belong to the biggest herd of all. Baa…
Apparently you don’t read what I write, Mathew. I am a buyer now. See how that works?
Haha. Benb, you’re a guy I’d like to have a beer with.
http://www.jsmineset.com/2013/06/27/the-banksters-are-fully-protected-from-bail-in/
Seems to me if banks are fully protected, this is a time when “If you can’t beat ’em, join ’em” might be a good maxim.
What about going long XLF?
He does a video like this everytime gold drops another $50. So when it starts going back up he can say he called the bottom.
All he wants is a 8% transaction fee to money change.
Trust me…he is doing people a favor
key question: which people…
If he thinks gold is going to the moon, why is he selling it?
Transaction fee.
“It’s a tradition.”
Exactly Impeach….not the man on the street who got screwed taking his advice.
Well he is also selling books, so that is not “all” he wants. I agree with Tom he is doing people a favor. Har, I do not believe he is calling bottoms! He continues to say that it can fall from here. Impeach, He was one of less than a hand-full to call a top in the housing market (yes, he was 2 years early) but real estate is not very liquid and selling can take quite some time. Bird man…????
Schiff is a political animal. What more needs to be said.
http://www.youtube.com/watch?v=d4o13isDdfY
The Tax Free Tour (VPRO, Marije Meerman) ~53 minutes
This video looks at how multinational corporations use tax havens.
I particularly liked the segment @ 33minute mark when an English parlimentary committee interviews the CFO’s of Google, Amazon, & Starbucks.
har is right. We are down 37% from the high and he has been bullish the whole time. Every week or so when gold went down another $50, he comes out with another video saying to buy. Every week he comes out with a video. He owns Euro Pacific Precious Metals, of course he is bullish, he is selling gold to the public. He is a broker. he is a good talker and theorist, but you know, the market does not follow theories, theories follow the market.
Agree. Peter does not seem to understand the word “sell” from an investor perspective. The only time he talks about selling gold is when he is advertising his own bullion products. Gee….anyone think he has a conflict of interest?
Perhaps you might read his books.
I have read his books. Don’t bother defending him unless he is your family because you will be wasting your time with me. I am not persuaded by some of his arguments although I agree his basic premise has merit. Hyperinflation is not one of them though.
Are you getting that bottle of wine from Al? Or can I go on KWN and shout “Long delays on physical delivery! Strong hands not parting! Negative inventory!”
Obliged to repeat the same question impeach!!
Andrew, do you have a link to their original bet handy? (I was relying on what your previous admonitions were implying.)
Hi impeach. I believe it was the Bird who was under the impression the ‘wager’ had been made, even though he claims to have stopped drinking!
Certainly the Bird seems to think some deal was made.
Al is awfully quiet since gold took a swan dive. He will perk up with a bounce maybe.
Is Bird Man mortally afraid of felines? I was fersur expecting to see the words “dead cat” in there…
Interesting that i hear no criticism of the jr miner pumpers, that sector is down almost 90% and they have been calling bottoms for years.
It’s too late to sell gold, but I don’t expect gold to rally anytime soon.
Rick Rule tells it like he thinks it is:
http://bullmarketthinking.com/wp-content/uploads/2013/06/6272013rule.mp3
meanwhile inChina, the PBoC discusses the liquidity problem:
Man, I really like no-nonsense like this:
“First, let me say I’ve been way too early on this call. I’ve been wrong and don’t deny it. You have to own up to mistakes, learn from them and be humble.”
No weak “extraordinary economic conditions” or “unprecedented manipulation” excuses there…
All that’s missing is:
“A full refund to subscribers, from the time I made the first wrong call, will be issued promptly.”
Very true, Irwin, but I’m afraid we’ll never see the entire line from anyone we aren’t presently pointing a loaded firearm at. Neither GoldmanS, nor WarrenB, not even the billionaires of KWN fame want to end up broke like J. O. Armour.
http://armstrongeconomics.com/2013/06/25/interventionism-panic-of-1919/
If I interpret it sarcastically, what could be read as his definition of a “serious investor” does look peculiar now… Quoting from his site, thedailygold.com (extra breaks are mine):
“Refund Policy
We rarely give refunds. We ask that you write us why you were not satisfied with the product. We provide hundreds of dollars worth of research and analysis and there is literally no way for us to protect against the theft our content. Please keep this in mind as you subscribe to our service.
If you are a serious investor then you can afford our service.
^
If you can’t, then let us know and we can work something out. Our strict policy against refunds is enforced as it also protects paying subscribers.”
Good man, I respect you!
BIG MOVE IS HERE. Bought 3000 slv shares and 7k gdxj thisam. Never bought silver before but the stocks were signaling something yesterday by being up while gold was down.
You could very well be correct, Paul. Exactly my thinking on silver versus gold.
Excellent move, Paul. Silver shot up like an elevator. Very impressed with your instincts.
They have a program in Canada called till “Debt Do Us Part” and you see many people with all the trappings, the $500,000 house, the fancy new car, the clothes, and most of them have nothing they are debt bagholders, and when interest rates climb more as they are doing now it will be a total disaster.
In fact most people are now working in retail, they make slightly above minimum wage, no benefits and a very sketchy job which usually means permanent part time, so they hold several of these jobs to pay debt, that is not living that is servitude.
There is retail everywhere and when the economy goes sour here these low paying ridiculous jobs will be the first to go they are already under attack from the internet. Our society is based on nothing but illusion and people will be left to fend for themselves, the twits are twittering their lives away. DT
Based on this alone gold has a long way to run, the debt must be paid and shall be paid by borrower or lender.DT
I agree. silver up, gold down shows industrial shortage in silver is tipping scales in the physical market.
It would be nteresting to see a default and settlement in cash at the LBMA or the Crimex.
Also crude oil has been going up for several days.
Don Coxe is saying buy gold this morning.
http://www.coxeadvisors.com
Now is the time to BUY PHYZZ Gold!