Wednesday, December 26, 2012

Schiff: Why the Pain for Gold Has Just Begun

Gold, Peter Schiff said in a recent interview with CNBC ,Gold is one of the few avenues available to investors as a store of value in a world where major central banks are determined to fight economic weakness with ultra-accommodative monetary policy. "What are you going to do? You're going to hold dollars at zero percent with (Fed Chairman) Ben Bernanke promising to print until infinity?" Schiff added that people "could make a lot of money in gold and gold stocks if they are patient. But unfortunately there's money on Wall Street that's not patient, and I advise other people who understand the fundamentals" to stay put, he said. - via CNBC

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.

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