Thursday, June 24, 2010

Peter Schiff Comments On Gold & Gold Stocks 6-24-10 "I think it’s going higher. I think it’s going over $5,000 USD an ounce"

"I don't even look at Gold as an investment, I look at gold stocks as an investment, although I would consider them to be more speculation at this point because they don’t offer much in terms of yield. I would look at gold more the way I would look at cash. It’s liquid. It’s a store of savings. I look at it as if you don’t want to invest your money, you hold it in gold. It’s like putting your money in a bank and saying you don’t want to risk it, I just want to save it. I don’t really view it as an alternative to stocks or bonds, it’s an alternative to the euro or the dollar or the Japanese yen. And from that perspective, it’s an absolute winner.

For awhile, gold was on the back-burner. People had confidence in Alan Greenspan and central bankers, you could get a good rate of return, there was a lot of interest you could earn by keeping your money in a bank and gold had declined for 20 years. No one was really interested in it. But it’s making a big comeback. Eventually, more and more people will be owning gold. Right now, I think there’s only a small segment of the population that has caught on to gold and rediscovered it. And as more and more people return to gold and understand why it’s been money for so long and have more distrust of governments and central bankers, its appeal is going to strengthen and the price is going to go up. I think it’s going higher. I think it’s going over 5,000 USD an ounce." - Peter David Schiff (born March 23, 1963) is an American economist, author, commentator and popular video blogger. Schiff, a licensed stock broker, is the president of Euro Pacific Capital, headquartered in Westport, Connecticut and is currently running for Senate in Connecticut.

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