PETER SCHIFF

PETER SCHIFF

Wednesday, August 24, 2011

Peter Schiff : Bernanke is going to continue printing money that is all he knows

Peter Schiff : I have been buying gold for over ten years it has been good for me , people who bought stocks ten years ago have lost money and I think people who are buying bonds are going to lose even more , the rising gold prices are telling us that money is so cheap , interest rates are too low , Ben Bernanke is going to keep printing money that's all he knows to do , people were telling me that gold is in a bubble since it was at $500 , look you do not compare gold to stocks gold is money compare it to the dollar , compare it to the Euro compare it to the Yen , and so if you are going to compare it to other currencies what is more likely to maintain its purchasing power over time ? something that is scarce like gold that has intrinsic value that can't be printed or something with no intrinsic value that has been run off the printing presses like it was going out of style ...people are accumulating gold they use it the things that they need but if you understand money and gold , you save your gold and you spend your paper that's what I am doing that's what my clients are doing we are holding gold and we are spending paper , gold has always been money our founding fathers made it money ....Gold is an excellent store of value , oil is cheaper today than it was 30 or 40 years ago if you are paying for it in gold , it is more expensive if you are paying for it in dollars but not if you got real money

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