Tuesday, March 19, 2013

Cyprus Banks Bailout Bullish for Gold


Peter Schiff  has released a new video blog about the Cyprus bankster bailout where bank deposits will be taxed by the Cyprus government in an agreement with he International Monetary Fund.

He suggests that the bailout will be bullish for gold as there will be more fear about the safety of having cash in banks and people will seek safety in real money that the government cannot touch. with interest rates at zero and the threat of banks going bust, depositors are going to lose their wealth for sure one way or the other: either through inflation resulting in a negative real return on bank deposits or the bank goes bust and neither the bank nor the government will be able to repay 100% whatever depositors had in the bank. So:

1. Keep as little currency as possible in a bank (just enough to pay bills with)

2. Buy gold/silver or just hide the currency someplace safe.

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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