Peter Schiff was wrong about one thing.

[TheCount]

So it's about ideas then, yes? Why not address them rather than being disingenuous in saying he never gets anything right, when in fact he never makes any specific "right or wrong" claims.

When he specifically says COMEX is going to default or that hyperinflation is going to happen and uses the word 'soon,' I think that is clearly wrong if it does not occur within 6 years.

 

[cubical]

When he specifically says COMEX is going to default or that hyperinflation is going to happen and uses the word 'soon,' I think that is clearly wrong if it does not occur within 6 years.

So FOFOA is "never right" because he said hyperinflation will occur soon and it didn't happen yet? Seems quite a broad critique for such a subjective statement. For one thing, when you are speaking of a once in a multi-generational event, 6 years is not a long time. And another, he always stresses he does not know the future or times.

"Let me start by saying that I do not have a crystal ball, but I do have a lens. My lens is Freegold, and it is quite simply a paradigmatic framework in which to view events past, present and future in a different light. Events that defy other frameworks of understanding and confound their proponents, requiring either complex conspiracy theory explanations or else fluid foundations that must shift every time the wind changes directions, make perfect and simple sense with this lens, which is why I take its necessary conclusions so seriously. Once again, here is one of my favorite quotes from FOA:

"I (we) expect none of you to consider anything said here as credible. Everything is given as I understand it. If you came with a notion that I am someone who sees the future, grab the children and run far away.""

 

[TheCount]

So FOFOA is "never right" because he said hyperinflation will occur soon and it didn't happen yet? Seems quite a broad critique for such a subjective statement. For one thing, when you are speaking of a once in a multi-generational event, 6 years is not a long time. And another, he always stresses he does not know the future or times.

Yes, as part of a 16 page, 6,066 word blog post he used almost 100 of those words to protect himself against lawsuits.

 

[Madison320]

When he specifically says COMEX is going to default or that hyperinflation is going to happen and uses the word 'soon,' I think that is clearly wrong if it does not occur within 6 years.

When has he ever said that?

OK, I give up. I'm covered either way. If the dollar loses value from massive money printing I've got my gold. If it gains in value I've got my social security checks.

 

[TheCount]

When has he ever said that?

I'm only going to give you quotes from 2008 and 2009, because if I did this for the entire length of his blog, I'd end with carpal tunnel syndrome.



http://fofoa.blogspot.com/2008/09/hyper-drive-engaged-destination.html ("So how close are we? I think we are very close.")

http://fofoa.blogspot.com/2008/09/collapse.html ("I see it coming quite clearly.")

http://fofoa.blogspot.com/2009/01/on-hyperinflation.html (95% change of hyperinflation, 0% chance of normal inflation)

http://fofoa.blogspot.com/2009/07/how-dollar-made-it-this-far_05.html

http://fofoa.blogspot.com/2009/07/call-me-contrarian.html (In this one he says that a prediction of economic collapse being 'several years away' is too long - in 2009.)

http://fofoa.blogspot.com/2009/08/no-free-lunch.html (SOON, he says)

http://fofoa.blogspot.com/2009/08/waterfall-effect.html (SOON)

http://fofoa.blogspot.com/2009/09/say-goodbye-to-wall-street.html

http://fofoa.blogspot.com/2009/09/shake-disease.html (4 or 5 more years AT MOST!)

http://fofoa.blogspot.com/2009/09/end-of-currency.html (It's IN THE PIPELINE! $30,000 gold!)

http://fofoa.blogspot.com/2009/12/gold-ultimate-un-bubble.html (I'll let this chart speak for itself)

 

[Madison320]

I'm only going to give you quotes from 2008 and 2009, because if I did this for the entire length of his blog, I'd end with carpal tunnel syndrome.



http://fofoa.blogspot.com/2008/09/hyper-drive-engaged-destination.html ("So how close are we? I think we are very close.")

http://fofoa.blogspot.com/2008/09/collapse.html ("I see it coming quite clearly.")

http://fofoa.blogspot.com/2009/01/on-hyperinflation.html (95% change of hyperinflation, 0% chance of normal inflation)

http://fofoa.blogspot.com/2009/07/how-dollar-made-it-this-far_05.html

http://fofoa.blogspot.com/2009/07/call-me-contrarian.html (In this one he says that a prediction of economic collapse being 'several years away' is too long - in 2009.)

http://fofoa.blogspot.com/2009/08/no-free-lunch.html (SOON, he says)

http://fofoa.blogspot.com/2009/08/waterfall-effect.html (SOON)

http://fofoa.blogspot.com/2009/09/say-goodbye-to-wall-street.html

http://fofoa.blogspot.com/2009/09/shake-disease.html (4 or 5 more years AT MOST!)

http://fofoa.blogspot.com/2009/09/end-of-currency.html (It's IN THE PIPELINE! $30,000 gold!)

http://fofoa.blogspot.com/2009/12/gold-ultimate-un-bubble.html (I'll let this chart speak for itself)

Ha! Ha! That's not Peter Schiff!!!!

 

[TheCount]

Ha! Ha! That's not Peter Schiff!!!!

Ha! Ha! You can't read!!!!

 

[agitator]

http://thewealthwatchman.com/why-i-believe-precious-metals-have-been-assaulted-since-2011/

 

[Madison320]

Ha! Ha! You can't read!!!!

What are you talking about? I clicked on the first link and it was a video of some guy that was most certainly not Peter Schiff.

Damn. Am I being trolled?

 

[TheCount]

What are you talking about? I clicked on the first link and it was a video of some guy that was most certainly not Peter Schiff.

Damn. Am I being trolled?

Read the thread.

 

[Seraphim]

I just sold mine. Everything seems very "toppy". I'm in Canada so the bubble here never actually popped. I needed the money to finish my degree and wanted to stop working full time during my studies.

So now my risk/exposure is gone, I have zero sum debt (no mortgage, no consumer debt), enough cash to live at least 2 years while paying full tuition and still working 20 hrs a week.

I was fed up working a job full time I don't like to pay for a house I felt was just about maxed out in value due to this bubble.

I just bought a house

 

[Zippyjuan]

A falling housing price only hurts you if you decide to sell it when the price is lower than what you paid for it. If you want to stay in the house and eventually pay it off, it does not matter what the prices of houses do. I have zero debt but that is because my home is paid off- that lowered my costs of living significantly as well. If you decide to buy a house again later, you may end up paying even more for one- in the mean time, you could have been closer to paying it off.

But what is the best decision depends on your own situation. If you were in a difficult financial situation and needed the money, then selling may make more sense.

 

[toathis]

This comes as a surprise to you intelligent people (yes I do respect all those on the forum)!? COME ON! HE is nothing more than a salesman. Nothing more or less. Heck, he even compared his Senate campaign to a "charitable endeavor" despite thousands upon thousands donated independently to his cause. In the end his net worth just couldn't match Linda McMahon. He is out for his own interest. Yes, I understand the libertarian principle of self-reliance, capitalism and what not. Just be careful of people that clam to be looking out for your interest yet sell a certain instrument they claim will "Protect your wealth" for a living like Schiff. This video on youtube should be seen by all before giving all your money betting on ideology and nothing else. When Schiff started pumping his "golden chocolate bar" the spot price was well above $1500. I won't even bring up the fact he had a 'buy' call on gold when it was above 1900/oz with no exit strategy whatsoever. You can claim his timing was off, but his sales pitch of protecting one's wealth has proven to be totally false. Buying an S&P indexed ETF with CASH MONEY would have protected your wealth better over the past few years than buying marked up precious metals from Schiff. Will gold crash? I am not betting on it. Just be careful before trusting your hard earned capital with people only looking to make a buck for themselves.

 

[NACBA]

Prophet Or Profit?

Peter Schiff makes for a good television guest... He's loud, a good talker, charismatic (to some), polarizing, and opinionated...

Keep in mind, he also SELLS PRECIOUS METALS. He's always going to describe conditions that are great for buying gold so that he can sell more gold.

It's #1 on his agenda... With Schiff, we're ALWAYS on the cusp of a major crisis. Sometimes he's wrong, sometimes he's right. If you always bet on black every day for twenty years, eventually we'll land on black. And when the economy tanks and he gets it right, he's a genius and a prophet...

I am bullish on gold, always have been. And I often agree with Schiff... I'm just saying, don't forget that his wallet is his priority - getting you to buy more gold (and from him!).

 

[dannno]

HE is nothing more than a salesman. Nothing more or less. Heck, he even compared his Senate campaign to a "charitable endeavor" despite thousands upon thousands donated independently to his cause. In the end his net worth just couldn't match Linda McMahon. He is out for his own interest.

This doesn't make any sense at all. Peter Schiff could have made a lot more money being a regular broker who is only in it for short term profits, selling people on the latest tech stock, etc.. but instead he chose to tell people the truth about bubbles, economics and the future of the collapsing economy and collapsing dollar and help to protect their wealth in the longterm rather than ride short term trends and bubbles. He lost a lot of customers initially, it wasn't until the internet bubble burst and a lot of people lost their shirts that he started gaining more followers.

So if Peter Schiff is just a "salesman" out to make money then you should be able to tell me why he didn't sell customers internet stocks and doesn't push the easy to sell trendy investments that are advertised in the media?

Oh that's right, you can't, because you actually don't know that much about Peter Schiff or his philosophy and haven't really thought this through that much. You're just a tool for the establishment pushing more mainstream BS.

 

[Madison320]

This doesn't make any sense at all. Peter Schiff could have made a lot more money being a regular broker who is only in it for short term profits, selling people on the latest tech stock, etc.. but instead he chose to tell people the truth about bubbles, economics and the future of the collapsing economy and collapsing dollar and help to protect their wealth in the longterm rather than ride short term trends and bubbles. He lost a lot of customers initially, it wasn't until the internet bubble burst and a lot of people lost their shirts that he started gaining more followers.

So if Peter Schiff is just a "salesman" out to make money then you should be able to tell me why he didn't sell customers internet stocks and doesn't push the easy to sell trendy investments that are advertised in the media?

Oh that's right, you can't, because you actually don't know that much about Peter Schiff or his philosophy and haven't really thought this through that much. You're just a tool for the establishment pushing more mainstream BS.

Most investment firms only sell a subset of what Schiff sells. They mainly sell US stocks and bonds and that's it. So who are you more likely to believe? The guy that recommends US stocks and bonds and only sells US stock and bonds? Or the guy who sells US stocks and bonds, plus many other investments like PM and foreign stocks and bonds and recommends something other than US stocks and bonds? Schiff makes money whether he sells crappy US bonds or gold. Most guys only make money on US stocks and bonds because that's all they sell. I've explained this simple concept several times but the Schiff Hating Trolls are too mentally challenged to understand it.

 

[cubical]

Ha! Ha! You can't read!!!!

Ok, the most definite answer you see is he thinks 4 or 5 years is too long away, which was posted in 2009. You can say he was wrong here, I would agree, but you don't understand his position if thats all you are going on.

The rest of your links are either to someone FOFOA is quoting, someone else altogether or places where you don't agree with the word "soon".

 

[cubical]

Most investment firms only sell a subset of what Schiff sells. They mainly sell US stocks and bonds and that's it. So who are you more likely to believe? The guy that recommends US stocks and bonds and only sells US stock and bonds? Or the guy who sells US stocks and bonds, plus many other investments like PM and foreign stocks and bonds and recommends something other than US stocks and bonds? Schiff makes money whether he sells crappy US bonds or gold. Most guys only make money on US stocks and bonds because that's all they sell. I've explained this simple concept several times but the Schiff Hating Trolls are too mentally challenged to understand it.

Schiff was touting gold a decade before he started to sell it himself. He said his clients were too often talked into buying the numismatic coins, so it was easier for him to just sell it himself. His prices are inline with everyone else. I could understand if he was gouging where this might be a problem, but its another example of people trying so hard to make something out of nothing.

 

[Zippyjuan]

I don't know about the coins he sells but his fees on his funds are well above average for the types of funds they are.

 

[cubical]

I don't know about the coins he sells but his fees on his funds are well above average for the types of funds they are.

I agree, I wouldn't invest with Schiff, but I do agree with most of his ideas.