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Prepare for a gold ‘moonshot’: Peter Schiff

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  • derrybderryb Posts: 36,949 ✭✭✭✭✭

    Fundamentals. Look out, they will matter again.

    The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong

  • bronco2078bronco2078 Posts: 10,244 ✭✭✭✭✭

    what happened to streeter?

  • jmski52jmski52 Posts: 22,904 ✭✭✭✭✭
    edited September 23, 2018 9:03AM

    That empty punchbowl can be a killer.

    Don't know what happened to streeter, but he was from California. It would be interesting to see how it's going for him.

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • AUandAGAUandAG Posts: 24,783 ✭✭✭✭✭

    Schiff is a joke. OK, got lucky once. Has been saying gold will be $5K oz since 2012. Said that economy will tank starting in 2016....
    Keep in mind he's a gold DEALER.

    From CNBC: When asked about this call (gold at $5k and major recession), he maintained in an email to CNBC that "most of those jobs" that have been created "will be lost in the coming recession that will likely begin in 2016.

    Registry: CC lowballs (boblindstrom), bobinvegas1989@yahoo.com
  • OPAOPA Posts: 17,124 ✭✭✭✭✭

    Schiff is a joke.

    Truer words will never be spoken. If you read through this thread, it's the same group of posters, that have been wrong in similar threads over the last 7 years.

    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • MsMorrisineMsMorrisine Posts: 33,244 ✭✭✭✭✭

    Adjusted for inflation, what would the $/oz need to be to break the record?

    $4k-$5k?

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • MsMorrisineMsMorrisine Posts: 33,244 ✭✭✭✭✭

    Anyway, perma bulls could be right eventually. My opinion is not, though.

    What will it take to get there, though again. I could be wrong, right?

    So what are the signs? Hyperinflation? That seems late stage,but going with that then we are nowhere close to hyperinflation.

    But what would it take to get there? A dollar collapse. We are nowhere near that.

    So, my question has changed: why predict doom and gloom near-term when it isn't on the horizon? Credibility is at stake.

    Current maintainer of Stone's Master List of Favorite Websites // My BST transactions
  • When things are written or spoken in Schifftarian or Bloombergian you can always count on the opposite of their predictions occurring in English

  • @MsMorrisine said:
    Anyway, perma bulls could be right eventually. My opinion is not, though.

    What will it take to get there, though again. I could be wrong, right?

    So what are the signs? Hyperinflation? That seems late stage,but going with that then we are nowhere close to hyperinflation.

    But what would it take to get there? A dollar collapse. We are nowhere near that.

    So, my question has changed: why predict doom and gloom near-term when it isn't on the horizon? Credibility is at stake.

    We have been witnessing a slow motion dollar collapse since the 1800's, but it has sped up since Nixon, FDR, and Brenton Woods. The funny thing people fail to realize is that in hyperinflation, real estate and stock indexes go up the exact same equivalent of gold. You can pick anything BUT fiat to hedge against hyperinflation. People many times get hyperinflation and the deflationary events scrambled because they understand that people run for the safety of precious metals in times of crisis. But, the key thing to remember, is that the crises never last very long.

    Also, stock indexes and real estate can be just as good of investments against inflation. It just depends on your timing. One more thing to remember is that CPI inflation, household inflation, asset inflation, and regular inflation are all separate types of inflation and occur in very different parts of the cycle. So, when you hear the words "inflation" and "hyperinflation," they don't apply to every single entity of property at the same time. Follow me @UNSCAMMABLE on twitter for more investing knowledge.

  • bronco2078bronco2078 Posts: 10,244 ✭✭✭✭✭

    the hyper inflation I see is in taxation

  • jmski52jmski52 Posts: 22,904 ✭✭✭✭✭
    edited September 24, 2018 7:35AM

    the crises never last very long.

    Venezuela's been having problems already for years now. Weimar Germany had a problem with hyperinflation for years also - you can study their coinage, paper currency or postage stamps for a full impact of what that meant and for how long.

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • derrybderryb Posts: 36,949 ✭✭✭✭✭

    @jmski52 said:
    the crises never last very long.

    Central bank managed boom and bust cycles.

    If it involves hyperinflation it fixes itself, permanently.

    The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong

  • bluelobsterbluelobster Posts: 1,220 ✭✭✭

    This is weird, I didn't know I even posted much on here any more. Good to see, I was getting concerned. ;~

    Anyway, just to cheer up the end timers on here, Schiff has moved on from the "Moonshot" verbiage and now is calling for a "perfect storm".

    The economy is headed for the “biggest bust ever” and investors should absolutely be piling onto gold right now, said Peter Schiff, CEO of Euro Pacific Capital.
    “The dollar is going to fall into a vacuum"

    http://stream2.kitco.com/18_09_06_Schiff_v2_liferay.mp4

  • OPAOPA Posts: 17,124 ✭✭✭✭✭

    @bluelobster said:
    This is weird, I didn't know I even posted much on here any more. Good to see, I was getting concerned. ;~

    Anyway, just to cheer up the end timers on here, Schiff has moved on from the "Moonshot" verbiage and now is calling for a "perfect storm".

    The economy is headed for the “biggest bust ever” and investors should absolutely be piling onto gold right now, said Peter Schiff, CEO of Euro Pacific Capital.
    “The dollar is going to fall into a vacuum"

    http://stream2.kitco.com/18_09_06_Schiff_v2_liferay.mp4

    I've said it before & I'll say it again....Schiff is a joke. He's been wrong for at least 5 years and continues to be wrong in his forecasting. I'm surprised he's still a viable gold dealer. :p

    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • bronco2078bronco2078 Posts: 10,244 ✭✭✭✭✭

    @bluelobster said:
    This is weird, I didn't know I even posted much on here any more. Good to see, I was getting concerned. ;~

    Anyway, just to cheer up the end timers on here, Schiff has moved on from the "Moonshot" verbiage and now is calling for a "perfect storm".

    The economy is headed for the “biggest bust ever” and investors should absolutely be piling onto gold right now, said Peter Schiff, CEO of Euro Pacific Capital.
    “The dollar is going to fall into a vacuum"

    http://stream2.kitco.com/18_09_06_Schiff_v2_liferay.mp4

    cuz he realized the moon landings were faked :D

  • derrybderryb Posts: 36,949 ✭✭✭✭✭
    edited September 24, 2018 9:14AM

    People like Schiff are not wrong, they just fail to grasp the power of the prolongers. They are only very early in their lack of confidence. The rest of America will lose theirs when it is too late to plan for it.

    I'll admit I'm guilty of the same failure in recognizing the power and will of the money controllers. It does not weaken my belief in the day of reckoning, it only affects my belief in how soon it will appear. It will appear.

    The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong

  • OPAOPA Posts: 17,124 ✭✭✭✭✭

    @derryb said:
    People like Schiff are not wrong, they just fail to grasp the power of the prolongers. They are only very early in their lack of confidence. The rest of America will lose theirs when it is too late to plan for it.

    If you belief his rhetoric, then I hope you have a history of longevity in your family....Personally, I'm not concerned what might or might not occur in 50 to 100 years from now. That's someone else's problem

    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • derrybderryb Posts: 36,949 ✭✭✭✭✭
    edited September 24, 2018 9:24AM

    @OPA said:

    @derryb said:
    People like Schiff are not wrong, they just fail to grasp the power of the prolongers. They are only very early in their lack of confidence. The rest of America will lose theirs when it is too late to plan for it.

    If you belief his rhetoric, then I hope you have a history of longevity in your family....Personally, I'm not concerned what might or might not occur in 50 to 100 years from now. That's someone else's problem

    I believe he is correct on the coming crisis and I believe we will know he was correct in far less than 50 years. Hopefully this the major difference it what you economically believe and what I economically believe. It is my hope that you and others in your realm of denial do in fact see the warning signs.

    Anyone who recognizes the boom/bust cycles created by modern monetary policy/action knows that it is only a matter of time. Debt is the leading cause of these cycles and is best illustrated by a chart I posted elsewhere (note the average time span between recessions):

    The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong

  • bluelobsterbluelobster Posts: 1,220 ✭✭✭

    @derryb said:
    People like Schiff are not wrong, they just fail to grasp the power of the prolongers. They are only very early in their lack of confidence. The rest of America will lose theirs when it is too late to plan for it.

    People that make specific professional predictions as to time and price action and said prediction was not close to coming to fruition are not wrong? Yay!...no one is ever wrong and we all get Ice cream after the game. Things may not be that bad after all.

  • derrybderryb Posts: 36,949 ✭✭✭✭✭

    Like I said they are very early in their lack of confidence. Their lack of confidence will prove correct even if their timing is proven wrong.

    The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong

  • cohodkcohodk Posts: 19,188 ✭✭✭✭✭
    edited September 24, 2018 1:56PM

    @derryb said:

    . Their lack of confidence will prove correct even if their timing is proven wrong.

    So they have no confidence and are proven wrong........yeah, that's the group I want to follow.

    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • BaleyBaley Posts: 22,661 ✭✭✭✭✭

    @derryb said:
    Like I said they are very early in their lack of confidence. Their lack of confidence will prove correct even if their timing is proven wrong.

    Kind of like if someone warns -every day- of a hurricane about to occur in a specific zip code, someday, they might eventually be correct, and can then say, "Told Ya So!"

    Liberty: Parent of Science & Industry

  • OPAOPA Posts: 17,124 ✭✭✭✭✭

    @Baley said:

    @derryb said:
    Like I said they are very early in their lack of confidence. Their lack of confidence will prove correct even if their timing is proven wrong.

    Kind of like if someone warns -every day- of a hurricane about to occur in a specific zip code, someday, they might eventually be correct, and can then say, "Told Ya So!"

    As the saying goes: "Even a broken clock is right twice a day." ;)

    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • BaleyBaley Posts: 22,661 ✭✭✭✭✭

    Yep. And a clock that gains or loses a second a day is only right once in a generation! :smiley:

    Liberty: Parent of Science & Industry

  • bronco2078bronco2078 Posts: 10,244 ✭✭✭✭✭

    @OPA said:

    @Baley said:

    @derryb said:
    Like I said they are very early in their lack of confidence. Their lack of confidence will prove correct even if their timing is proven wrong.

    Kind of like if someone warns -every day- of a hurricane about to occur in a specific zip code, someday, they might eventually be correct, and can then say, "Told Ya So!"

    As the saying goes: "Even a broken clock is right twice a day." ;)

    Only for us old farts , millennials can't read a clock with hands , we have progressed to the point where broken clocks will never be right

  • GRANDAMGRANDAM Posts: 8,527 ✭✭✭✭✭

    @derryb said:
    Most people do not realize that all of the gold that has been transferred to China is pretty much gone forever, at least gone for the foreseeable future. China is a buyer not a seller. China's gold will go into it's vaults and not see the light of day for many years to come. While this does not reduce the world supply of gold it greatly reduces the supply of available gold, and for a very long time. How this will affect prices is easily determined. Mr. Schiff and I understand this.

    Why does China allow the export of Gold Panda's?

    GrandAm :)
  • cohodkcohodk Posts: 19,188 ✭✭✭✭✭

    @GRANDAM said:

    @derryb said:
    Most people do not realize that all of the gold that has been transferred to China is pretty much gone forever, at least gone for the foreseeable future. China is a buyer not a seller. China's gold will go into it's vaults and not see the light of day for many years to come. While this does not reduce the world supply of gold it greatly reduces the supply of available gold, and for a very long time. How this will affect prices is easily determined. Mr. Schiff and I understand this.

    Why does China allow the export of Gold Panda's?

    Don't ask questions.

    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • GRANDAMGRANDAM Posts: 8,527 ✭✭✭✭✭

    @cohodk said:

    @GRANDAM said:

    @derryb said:
    Most people do not realize that all of the gold that has been transferred to China is pretty much gone forever, at least gone for the foreseeable future. China is a buyer not a seller. China's gold will go into it's vaults and not see the light of day for many years to come. While this does not reduce the world supply of gold it greatly reduces the supply of available gold, and for a very long time. How this will affect prices is easily determined. Mr. Schiff and I understand this.

    Why does China allow the export of Gold Panda's?

    Don't ask questions.

    I have wondered about this for years,,,,,, why does China export Gold Panda's given their gold policy?

    GrandAm :)
  • derrybderryb Posts: 36,949 ✭✭✭✭✭

    @GRANDAM said:

    I have wondered about this for years,,,,,, why does China export Gold Panda's given their gold policy?

    PBOC official gold trade rules

    The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong

  • ReadyFireAimReadyFireAim Posts: 1,828 ✭✭✭✭✭
    edited September 25, 2018 10:11PM

    They have been using paper as a promissory note for gold for a long time & it has worked.
    I'm guessing if there is ever a problem with paper gold, fiat paper will come pouring in.

    Is the market transparent enough to see it happening?
    Is it happening now?

  • bronco2078bronco2078 Posts: 10,244 ✭✭✭✭✭

    @GRANDAM said:

    @derryb said:
    Most people do not realize that all of the gold that has been transferred to China is pretty much gone forever, at least gone for the foreseeable future. China is a buyer not a seller. China's gold will go into it's vaults and not see the light of day for many years to come. While this does not reduce the world supply of gold it greatly reduces the supply of available gold, and for a very long time. How this will affect prices is easily determined. Mr. Schiff and I understand this.

    Why does China allow the export of Gold Panda's?

    they are counterfeit :D

  • PerryHallPerryHall Posts: 46,238 ✭✭✭✭✭

    China sells Panda gold coins at a significant mark-up over gold value. They use this money to buy more raw gold which they get at near melt value. They repeat this cycle over and over and the amount of gold they have greatly increases over time.

    Worry is the interest you pay on a debt you may not owe.
    "Paper money eventually returns to its intrinsic value---zero."----Voltaire
    "Everything you say should be true, but not everything true should be said."----Voltaire

  • jmski52jmski52 Posts: 22,904 ✭✭✭✭✭

    Pandas are overpriced to begin with, and now they are only 30 grams instead of 31.1 grams. I don't know if that's a planned deception for the unwary or simply a move to metric. Could be both.

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • PerryHallPerryHall Posts: 46,238 ✭✭✭✭✭

    @jmski52 said:
    Pandas are overpriced to begin with, and now they are only 30 grams instead of 31.1 grams. I don't know if that's a planned deception for the unwary or simply a move to metric. Could be both.

    Has this weight change hurt sales any?

    Worry is the interest you pay on a debt you may not owe.
    "Paper money eventually returns to its intrinsic value---zero."----Voltaire
    "Everything you say should be true, but not everything true should be said."----Voltaire

  • ashelandasheland Posts: 23,231 ✭✭✭✭✭

    They went to metric. All of the fractional gold have odd weights too...

  • OPAOPA Posts: 17,124 ✭✭✭✭✭

    @PerryHall said:

    @jmski52 said:
    Pandas are overpriced to begin with, and now they are only 30 grams instead of 31.1 grams. I don't know if that's a planned deception for the unwary or simply a move to metric. Could be both.

    Has this weight change hurt sales any?

    Unlikely...but most of the world does understand and uses the metric system.

    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • bidaskbidask Posts: 14,017 ✭✭✭✭✭

    @Baley said:
    Prepare? I'm prepared, many ounces for sale at $1900, and many more for sale at $2300. So... when?

    I have a ton of gold I would sell at 1350-1400.

    I manage money. I earn money. I save money .
    I give away money. I collect money.
    I don’t love money . I do love the Lord God.




  • TwoSides2aCoinTwoSides2aCoin Posts: 44,365 ✭✭✭✭✭
    edited September 30, 2018 8:12AM

    Still swimming. . .

  • renman95renman95 Posts: 7,037 ✭✭✭✭✭

    @jmski52 said:
    the crises never last very long.

    Venezuela's been having problems already for years now. Weimar Germany had a problem with hyperinflation for years also - you can study their coinage, paper currency or postage stamps for a full impact of what that meant and for how long.

    Venezuela nor Germany were world reserve currencies, King Dollar is and is el heffe in central banks around the world. Once (if) we lose that reserve status and items are no longer priced in dollars, gut nacht Marie!

  • jmski52jmski52 Posts: 22,904 ✭✭✭✭✭

    Venezuela nor Germany were world reserve currencies, King Dollar is and is el heffe in central banks around the world. Once (if) we lose that reserve status and items are no longer priced in dollars, gut nacht Marie!

    I agree, and while that's true it's concerning to me that other people in other countries always seem to blame the US for their problems but don't hold their politicians or bankers any more accountable than we do ours, as the debt continues to spiral out of control everywhere. I agree with Reagan, we are the last, best hope.

    There will be no equitable solutions anywhere if we lose our republic, and if the Fed is allowed to continue to control the economy using debt - that is what will happen. Accountability has to start somewhere.

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • derrybderryb Posts: 36,949 ✭✭✭✭✭
    edited October 1, 2018 11:37AM

    JP Morgan cornered both the gold and silver markets years ago. Note that every time fundamentals kick in and PMs start to advance, they suddenly get wacked by "buyer unknown" futures shorts. . . like clock work. PMs will not reach new highs until JPM decides to let them. Also note that JPM has NEVER lost money in their PM futures market trading, they always miraculously know when to sell the paper and when to buy it. JPM is the poster child on how to corner a market.

    JPM's current limit on Gold appears to be $1,200.

    The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong

  • rcmb3220rcmb3220 Posts: 1,108 ✭✭✭✭

    @renman95 said:

    @jmski52 said:
    the crises never last very long.

    Venezuela's been having problems already for years now. Weimar Germany had a problem with hyperinflation for years also - you can study their coinage, paper currency or postage stamps for a full impact of what that meant and for how long.

    Venezuela nor Germany were world reserve currencies, King Dollar is and is el heffe in central banks around the world. Once (if) we lose that reserve status and items are no longer priced in dollars, gut nacht Marie!

    The dollar is on one side of 87% of forex transactions. There isn’t a currency that could overtake the dollar for years and years.

  • ReadyFireAimReadyFireAim Posts: 1,828 ✭✭✭✭✭

    @rcmb3220 said:

    The dollar is on one side of 87% of forex transactions. There isn’t a currency that could overtake the dollar for years and years.

    China is #13 at 1.7% and 5 of the top 10 currency banks are US.
    It looks like we could easily manipulate any currency or commodity.

  • topstuftopstuf Posts: 14,803 ✭✭✭✭✭

    @ebaytrader said:
    << <i>

    << <i> >>

    Dudes have been holding signs like that for 4000 years >>

  • jmski52jmski52 Posts: 22,904 ✭✭✭✭✭
    edited October 3, 2018 3:20AM

    The dollar is on one side of 87% of forex transactions. There isn’t a currency that could overtake the dollar for years and years

    China is #13 at 1.7% and 5 of the top 10 currency banks are US. It looks like we could easily manipulate any currency or commodity.

    Which is exactly the problem. The U.S. benefits from having the world's reserve currency - no doubt about it. The problem therein lies in the fact that not everyone pays their bills for one reason or another, and when the defaults begin to roll downhill - someone will be "holding the bag". The bagholders certainly won't be happy, and that's when the wrestling match will begin (behind closed doors, ala' Lehman, BoA, etc..)

    The problem with THAT, is that there is massively much more leveraged debt than liquidity around the world - so either the bailouts get larger and larger or the defaults will trigger more and more bankruptcies and defaults in all of the leveraged entities around the world who can't get paid in time to service their own leveraged debt positions.

    It's not just a question of the U.S. printing more money (although that will certainly happen). It's a question of who owes whom, and what happens when you don't get paid. There WILL be a problem. We just don't get to know the details because we aren't the big boys involved in the deals being made.

    Well, maybe except for one person I can think of.

    There may be a "debt jubilee" but unfortunately, it won't trickle down to individuals' debts. It will only apply to tbtf entities. Sound familiar? At some point, when enough ordinary people are involved, a general strike will happen in protest. It just depends on how bad it gets.

    In this country, we aren't as self-reliant as our grandparents were, and the generations that came after us are even less so. Could be a big deal even here. We may dodge the bullet simply based on the depth and breadth of our existing economy and reservoir of wealth. We shall see.

    Yesterday, I read a blog that really gave me pause. It was well-written and had too many interesting details to be 100% conspiracy bs. It does seem that gold plays a larger role in government affairs than is mentioned very often. We live in interesting times.

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • TwoSides2aCoinTwoSides2aCoin Posts: 44,365 ✭✭✭✭✭

    Be thankful for our bountiful blessings.

  • derrybderryb Posts: 36,949 ✭✭✭✭✭

    @TwoSides2aCoin said:
    Be thankful for our bountiful blessings.

    at least while they last.

    The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong

  • cohodkcohodk Posts: 19,188 ✭✭✭✭✭
    edited October 3, 2018 10:38PM

    __We just don't get to know the details because we aren't the big boys involved in the deals being made.

    Well, maybe except for one person I can think of__

    Do you listen to that person?

    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • jmski52jmski52 Posts: 22,904 ✭✭✭✭✭

    Schiff was particularly good in his video on Greg Hunter's USAWatchdog today. He projects his Austrian Economics background very coherently and it's worth a listen, at least until he gets into the usual self promo after about 30 minutes.

    Well, maybe except for one person I can think of__
    Do you listen to that person?

    I listen to everyone, and I think for myself. ;)

    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
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