Sunday, August 28, 2011

Peter Schiff : Avoid Disaster, Get Out of U.S. Assets

Peter Schiff on Yahoo Finance 03 Aug 2011 : "Unfortunately, because we raised the debt ceiling, because we continue to spend money, the cost of government is going to be born by those foolish enough to hold U.S. currency," "You can't have a portfolio that's entirely gold and silver, and we don't," "If you look at the value of U.S. stocks in terms of gold, the Dow peaked in 2000 at about 43 ounces. We're now at barely 7 ounces of gold for the Dow [7 x $1650 = 11,550]. Ultimately, I think we see that ratio come down closer to 1 to 1,""There are a lot of ways to protect yourself from this disaster that awaits the U.S.," Schiff says. While he thinks "the U.S. is in more serious trouble right now than Europe," There are a lot of currencies you can own to get out of the dollar without being in the euro," and Switzerland, Norway, Sweden, China, Singapore, Canada, Australia and New Zealand are suitable alternatives.

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