PETER SCHIFF

PETER SCHIFF

Monday, January 2, 2012

Peter Schiff : there is no safe haven in Currencies

Peter Schiff : ...it's not necessarily default. it's the fact the governments are going to pay but it's how they're going to pay. they're going to pay it by printing money. i think the u.s. is a bigger disaster than Europe, but all the central banks, the U.S., the ECB, the bank of Japan, bank of China, everybody is printing too much money. everybody has rates too low, and the world is looking for an alternative to currencies, not just the dollar or the euro, but the world -- people are going back to real money and not enough people have made that switch. most people are still clinging to the idea that there's a safe haven somewhere in currency. there is no safe haven in currencies. if you want to protect your wealth, if you want to store purchasing power, you can't do it in a currency. you need to own gold and most people are still clueless about that. and a lot of central banks still need to buy gold. if you look at gold as a percentage of reserves, it's near record low. ,  central banks have a lot of gold to buy - in CNBC

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