Some days, ya just gotta have fun. Today I tap a famous Hilltop Screamer– Peter Schiff. His apocalyptic preaching the market and the US economy are doomed points to his clear agenda – buy gold everyone. He is a gold trader, after all.
While gold is trading at a one-year high, the yellow metal is still far off the $5,000 target Schiff first offered in October 2012.
Believe it or not, as of last December, he was still preaching that gold will go to $5,000.
"It's still going to go there … I don't think there's that much downside because I think most of this is already built into the price."
Not much downside? Clearly, he wants you to believe. And, yes, someday gold will go to $5,000, but not until World War III happens or inflation goes on a tear, which is not likely under The Fed’s current policies
He is sticking to his guns that the Fed will take back the rate hike and ultimately launch another round of quantitative easing.
Interestingly, rates are the same and the topic of reinstating QE is, well, not a topic.
"The great recession of 2008 is going to resume in earnest … The markets are going to drop until the Fed changes the game."
Oops! Just checking, but isn’t the market up and the Fed has not resumed QE, right?
“The U.S. economy is "rapidly going into a recession, which will inevitably trigger the central bank to retract the rate hike and reinstate gold as the safe haven asset it once was.”
And there you have it – buy gold today (it is down 1.5%), Actually, I just realized this is not so much fun as it is a worthwhile tip – don’t drink the Kool Aid.