Peter Schiff gave excellent advice at at the right time – he told his Boomer listeners to buy Gold 20 years ago at 300 bucks – and then told them to HODL.
He’s speaking to his age group and there’s nothing wrong about that.
Old guys that listened to him are happy and liquid; and that’s why they still listen.
He was right, you are wrong.
Mr. Schiff kept his listeners in gold mining shares, and for 20 years he was shilling the precious metals miners. They topped out in 2006, but had a double-top in 2011. He shilled miners and anti-dollar investments. Gold is not as liquid as most of those shilling it claim it to be.
Owning physical gold in the post-9/11 world presents many potential problems to those who wish to liquidate. I know first hand when I began to liquidate my gold holdings in 2011 to buy rental properties. Make sure you properly file with the US Treasury and IRS, the banks now report any transaction over $10,000.
He has been a one-string banjo, because he completely failed to properly read this new system and interpret the best courses of action. Moreover, his advice doesn’t generate any income (except for him).
He was begging his followers ten years ago to HODL (another term conjured up from Arlington and McLean) at $1,800-$1,900, and was promising $5,000 gold and $100 silver. Imagine the broken hopes and dreams. Gold today is below $1,800 as I write. He totally misread every aspect of this new post-2008 system.
How do I recommend making money from rising commodity prices? I say we own farm and ranch land and lease it out. I make the passive income, so I don’t have to charge for advice, and strive to be financially independent. Schiff’s listeners stare at the gold chart, take tax losses on their miner portfolio, and hope to somehow make cap gains on their gold coins.
Those of his long-term followers who are still alive are now receiving S.S. benefits, medicare, and government benefits, while they stack coins and wait for the impending collapse. All the while this system is transforming right in front of them. Schiff was out again recently, running cover for his transgressions, which were nothing more than economic logic errors. He just says he misjudged the Fed’s ability to print money. If he sees it that way, he will never understand how this new system works.
Don’t analyze this under a logic fallacy. Don’t trap yourself by drawing up a false dilemma. I support gold; I always have and always will. I recommend 10% holding. In fact, in 2010, my portfolio was comprised of 75% gold and silver, with real estate comprising 25%.
While gold is a monetary metal, and it historically tends to follow the rise in money stock measures LONG TERM, something else is ailing it. But once again, Schiff is clearly misreading these warnings and is failing to comprehend this system’s functioning…
Schiff has been unable to see how bitcoin is quickly replacing gold as a monetary asset class to the younger generation. The boomers have gold and the younger folk have their cryptos. Ever wonder why gold is failing here?
Schiff relies on his followers and their confirmation biases. I guess there’s a lid for every pot, and since truth is now relative, Schiff is correct and I am wrong.