11/9/09 Peter Schiff on Fox Business: $5000 for Gold, or Even Much Higher!
OK!!! That Schiff video got removed from YouTube real fast like. I guess the powers that be do not want people getting turned onto gold and silver. It's hard for governments to steal stored value when the value is stored in gold and silver in people's own hands. It's easy for governments to steal people's value when it's stored as digital bits on the hard drive under the control of a crooked financial institution, one that is doing the bidding of a government, or on a government's hard drive (think Social Security).
So, here are 2 more Schiff videos that have not been removed from YouTube. Peter does not mention targets for the price of gold in these 2 videos, but it's safe to infer, from what he says, that $5,000 gold or higher is not out of the question.
Peter Schiff's Ultimate Prediction, Will he be wrong?
PETER SCHIFF: CURRENCY CRISIS INEVITABLE
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Greyerz really nails it in this piece
SOVEREIGN ALCHEMY WILL FAIL
by Egon von Greyerz – Matterhorn Asset Management
When we look at the world economy today, wherever we turn we see a wall of risk. And sadly this is an insurmountable wall with risks that are totally unprecedented in history. There has never before been a potentially catastrophic combination of so many virtually bankrupt major sovereign states (US, UK, Spain, Italy Greece, Japan and many more) and a financial system which is bankrupt but is temporarily kept alive with phoney valuations and unlimited money printing. But governments will soon realise that they are not alchemists who can turn printed paper into gold. The consequences of the global financial crisis are potentially catastrophic.
As the Austrian economist von Mises said: “There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of a voluntary abandonment of further credit expansion or later as a final and total catastrophe of the currency involved.”
In our view, governments like the US and the UK and many others will not abandon further credit expansion. They are committed to printing increasing amounts of worthless paper money in order to finance the growing deficits and the rotten financial system. Therefore there is no chance of Quantitative Easing ending but instead it will accelerate in 2010 and after.
We have found it difficult to fathom so few people realise that the world economy has become a time bomb waiting to explode or more likely implode.
The rest of it can be read at: http://matterhornassetmanagement.com/2010/02/11/sovereign-alchemy-will-fail/
“By a continuing process of inflation [remember, it is the increase of the "money" supply, not an increase in prices], governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. ” - John Maynard Keynes
Gold and silver will be providing incredible protection from the world's current make believe "monetary" and banking system. Remember, mathematically, the current system can not continue forever. It requires the constant increase of debt, which is not possible.