5/21/2008- Part 3 Ron Paul Advisor Peter Schiff On FBN

[scenemaker03]

I like the fact that it's on faux knewz

[dan020350]

peter schiff is pretty cool

[MooseOfReason]

"How's gold gonna keep going up if demand is dropping and supply is soaring?"

Apparently, that genius never heard of currency devaluation (inflation).

[agfigueroaa]

This programm should be Peter Schiff's show.

[Estevez123321]

Schiff again is on target and the idiots again laugh.

[xdir]

Schiff is the cassandra of modern finance, he is cursed to make accurate predictions that no one wil believe.

[krug24]

As the erosion of $US purchasing power (which it owes to being the last link with monetary gold) accelerates relative to goods $US dollar cash balances will be traded away. It costs little to produce $US which can be exchanged for goods costing far more to produce. Labour/cost theory of value is wrong and irrelavent. Value is subjective and there is no way to calculate what gold/$US 'should' be. All we can say is via debt monetizing or formal defult, priced in gold the $US will drop.

[Xasew]

Shiff: "If they wanna stop the dollar from going to zero, they probably need to get up to 8, 9 or 10 percent or more."

Host: OH SHI-

The demand for gold for industrial purposes is falling because of the high price, but it totally ignores the fact that gold is money. And real money doesn't need to be used, it's there to just preserve wealth. And that's why the price is going to go up. When central banks realize the mess they're in even they'll have to start buying gold again.

[picapauengracado]

Interest rates had to go up to 20% in the 70s to fight inflation...

[Xasew]

I know, I was just saying that it's quite funny how the host said "OH SHI-".

Of course, high interest rates would totally crush the economy if it was done now. The economy was still quite viable in the early 80s, so it recovered with "only" a recession.

[joshrain1]

jonas has a point.

according to barrick's 2007 annual report the cash cost for 1oz of gold is $350 and if supply > demand and the price of gold is 2x cost, isn't that a high price to pay? how does one value gold. if you value it strictly in terms of m3, i agree $1000 is pretty cheap. but why isn't the cost for barrick keeping up with the price?

[BillVancouver111]

the production costs for Barrick and other gold producers already have skyrocketed with the cost of oil and electricity and virtually all their physical inputs - they will show up on their books soon - also, generally gold producers have not expanded their capacity much in recent times and when wall street tanks (it is starting to tank big time now) demand for gold as an investment and hedge against inflation will push the price to $2000 by 2009 - just a prediction based on logic

[jackzaf]

Shit... Repukeblicans fucked us really bad.

[davincij15]

Neocons not republicans fucked you. Neocons are not republicans.

[JackNeedles]

So true. The neocrats AND neocons messed things up.

[2resist]

Yeah and democrats have treated us oh so well. You have been screwed by a republican president and a democratic controlled senate. BOTH are screwing you. Do not get caught up in the rep vs. dem argument, it is a waste of energy and time.

[davincij15]

True, True

[agfigueroaa]

neocons and neocrats practice feudalism.

[mrzack888]

I only buy cotton and bamboo clothing.

[mj011n1r]

Peter Schiff cracks me up. He knows he's right and is just grinning from ear to ear as he listens to the doubters.

[JP5466]

I think gold is going to go up, but not as high as $5000/oz. I like Peter, but that estimate is pie in the sky.

[endlessmountain]

he is way off, i predict $4,983 an oz and not 5k, but hey this usd is going to fall huge and when the dollar collapses gold goes way up

[sbmillionair]

if the dollar collapses, gold will be that price

[mj011n1r]

Gold prices are being suppressed to fool the world, that uses gold as an indicator of dollar health, into holding. Demand is higher than it seems because of an accounting trick where gold is leased out and appears as gold on the market.

Wait till there's a world wide rejection of fiat currency and a return to hard money, 5k will be nothing.

[mj011n1r]

...into holding dollars...