In my mind, QE3 was never off the table. I always knew it was a sure
thing. It was just a matter of time. But now the Fed came out and
surprised a lot of people with its language. It basically said, ‘if we
don’t get evidence soon of a sustainable increase in the economy, we’re
going to have to take action.’ And of course, the only tool in it’s
arsenal is to print money and buy bonds and try to goose the economy
with the same monetary stimulus that create the problem.
…
Those of you who didn’t buy before the breakout, it’s not to late to
buy. The prices are not quite as cheap as they were a week ago or a
month ago, but I believe they’re a lot cheaper than they will be a month
from now, six months from now, a year from now as more and more
investors realize that the recovery was an illusion. It was simply an
artificial high created from stimulus and that more stimulus is coming.
More investors are going to flock to gold.
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Peter Schiff is a well-known commentator appearing regularly on CNBC, TechTicker and FoxNews. He is often referred to as "Doctor Doom" because of his bearish outlook on the economy and the U.S. Dollar in particular. Peter was one of the first from within the professional investment field to call the housing market a bubble. Peter has written a book called "Crash Proof" and a follow-on called "The Little Book of Bull Moves in Bear Markets". He is the President of EuroPacific Capital, which is a brokerage specializing in finding dividend-yielding, value-based foreign stocks.
