Will Gold Hit 2k in 2009?

[jonahtrainer]

Got a good reason behind your speculation? And what has Peter been wrong about? he didn't predict this deflationary period before hyper-inflation, but i don't think that'll last.

Peter Schiff has not been wrong about the 'collapse of the Dollar' but only his prediction has not come to pass yet. It will happen but the timing is negotiable based upon human action. This is a deflationary credit contraction. The US$ system does not so much collapse as evaporate. The US$ and gold abut each other with an inverse relationship. This is why gold could possibly hit $500. I doubt it will happen though.

The US$ will be the last layer of credit to evaporate through hyperinflation. The real issue is gold's velocity in ordinary daily transactions with viable alternatives like GoldMoney. As that vortex gathers power it will really begin wrecking havoc on the current system.

Here is a great YouTube Peter Schiff was been right again and again.

 

[krazy kaju]

Well silver will probably be a worse performer because it is more heavily tied to the economy than gold is. But I'm poor ATM, so gold is a bit out of my range and I don't feel like buying less than an ounce. And yes, it is damn near impossible to catch a bottom.

 

[muh_roads]

Source please. I know he said that gold will hit $1650 but never heard him say "until the end of 2010 or 2011".

You must not visit his website much but he consistently says this at least once or twice per week. "Gold will hit $1650 on or before Jan 11th 2011" His date and price is so specific. Funny stuff.

 

[RickyJ]

You must not visit his website much but he consistently says this at least once or twice per week. "Gold will hit $1650 on or before Jan 11th 2011" His date and price is so specific. Funny stuff.

He said it would be $1200 plus by the end of the year. We will soon know about that one. I kind of doubt it right now.

 

[muh_roads]

He said it would be $1200 plus by the end of the year. We will soon know about that one. I kind of doubt it right now.

I think he dropped that opinion a long time ago. He now says $1200 by either March or this time next year...can't remember which.

The phony deflation/dollar rally seems to have taken all gold bugs by surprise, including Schiff. I am not smart enough to have predicted this because I just had my Ron Paul awakening 1 year ago...but what I can't figure out is why these guys didn't see this coming?

If the dow drops and businesses begin to deleverage, how come these guys didn't know that would temporarily strengthen the dollar? If paying off debts and selling to raise cash strengthens the dollar...why wasn't anyone warned of this?

I think Jim Rogers might have got it right, but I can't remember.

Oh well, live and learn...I just had to find out the hard way. Makes me frustrated because I would've held off and bought now...not during June/July.


EDIT: In fact I might make a new thread about this...

 

[constitutional]

You must not visit his website much but he consistently says this at least once or twice per week. "Gold will hit $1650 on or before Jan 11th 2011" His date and price is so specific. Funny stuff.

You contradict yourself. Earlier you said "Sinclair says we won't see $1650 until the end of 2010 or Jan 2011" and now you just said "Gold will hit $1650 on or before Jan 11th 2011".

Yes I'm nit-picking. I don't visit his web site much either. I hope you understand what I'm trying to say.

[edit] Thank you LibertyEagle (post below), that's what I thought too.

 

[LibertyEagle]

Source please. I know he said that gold will hit $1650 but never heard him say "until the end of 2010 or 2011".

He means "by".

 

[lodge939]

I think he dropped that opinion a long time ago. He now says $1200 by either March or this time next year...can't remember which.

The phony deflation/dollar rally seems to have taken all gold bugs by surprise, including Schiff. I am not smart enough to have predicted this because I just had my Ron Paul awakening 1 year ago...but what I can't figure out is why these guys didn't see this coming?

Schiff figured the rest of the world would immediately realise the USA was the source of the problem and would cut us off. That hasn't happened, even though it's in their best interests.