Peter Schiff | Feb 07, 2014
Gold is the simplest of financial assets - you either own it or you
don't. Yet, at the same time, gold is also among the most private of
assets. Once an individual locks his or her safe, that gold effectively
disappears from the market at large. Unlike bank deposits or stocks,
there is no way to tally the total amount of gold held by individual
I like to call this concept "dark gold." This is the real, broader gold
market that exists below the surface-level transactions on the major
exchanges. It's impossible to know precisely how much dark gold exists
around the world, but we do know that it is enough to render "official"
gold holdings insignificant. That's why I don't buy and sell gold based
on the decisions of John Paulson, or even J.P. Morgan Chase. It is a
long-term investment that requires a deep understanding of the nature of
money - and how little Wall Street's media circus really matters.
Observing Dark Gold
Think of dark gold like dark matter. Dark matter is a mysterious
substance that scientists hypothesize is an essential building block of
our universe. All we know is that the universe is a certain size and
that a huge amount of its mass is unobservable - this is what we've come
to call dark matter.
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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