Thursday, May 13, 2010

Peter Schiff : Time to Buy More Gold

Peter Schiff : what's happening is that government are trying to make it so that investors can't lose , ...if you buy Greek government debt do not worry about a default because we are gonna bail them out , just like here in America , if you own mortgages do not worry we gonna bail out Freddie and Fannie , if you loan money to an investment bank and they fail do not worry , bailouts for everyone ...but the government does not have a magic wand it cannot make losses disappear all they can do is to change the form of those losses so what's gonna happen , instead of investors losing money the money is going to lose value the problem is that effects everybody who owns the currency not just the people who made bad investments , people are starting to figure this out they wanna mitigate your loss in the future and so they are selling their Euros they are selling their dollars and they are buying real money which is Gold , which is Silver ...I think the prices are still very cheap , I think they are going a lot higher I think eventually everybody is going to own Gold it is just the longer they wait the more it is going to cost them to buy and the fewer ounces they are going to own...

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