Gold pushed above its all-time record price last week. Where does it go from here? Peter Schiff and Jim Rickards appeared on Kitco News to talk about gold’s trajectory and the possibility of $15,000 gold in the future.
Peter opened up the interview saying he’s surprised it took gold this long to break its record.
A lot has happened in the last decade. We’ve certainly printed a lot of money.”
Peter said the Federal Reserve has moved into a policy from which it can never extricate itself.
When we went to zero, when we did QE, people initially thought it was temporary and we could normalize rates and shrink its balance sheet. And I said from the beginning that was impossible, and I think the markets are now beginning to realize that I was right about that. And when they contemplate a future of endless money printing and zero percent interest rates forever and multi-trillion dollar deficits funded by the Fed’s printing press, it’s starting to sink in, and they’re getting rid of their dollars and they’re buying gold.”
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13 comments:
Crazy ! Sliver Also !
Those hoarding lots of gold are relying on people to start buying while they sell.
8:32
A lot of people do t understand the difference between fiat currency and money. The US Dollar, Euro, Yuan, Yen are all fiat - backed by nothing. Literally. Just a belief that others will continue to accept them in exchange for commodities: food, water, clothing, oil, gas, so on.
Money has an intrinsic value. The thing (money) itself has value. Gold and Silver were created by God or Nature. They are virtually indestructible. They are and always will be.
Money is divisible without destruction
Minerals (gold silver et al) is a naturally occurring solid substance.
Nothing about God.
21st Century now, come on.
9:38
How do you know?
I like to hear how 9:38 knows too.
1146 - how do you?
Easy answer is Science. Nothing wrong with it, especially since it is provable. Whereas beliefs - well. AND thats ok too.
12:32
Yes that's the easy answer but not the correct one.
Where did this universe that contains the science come from?
211 Space
Bunch of Atheist !!
Gold goes up, gold goes down. Silver goes up, silver goes down. Like the stock market, and all other investments, their value NEVER continues to go in one direction. Believe it goes in one direction like the ones SELLING gold and silver are telling us now, and you are buying snake oil. Check the long term history of gold and silver prices. There have been many "record" prices for gold and silver, yet the prices ALWAYS retreat to more historical levels (or lower). Precious metals are no more than an interim investment during economic turmoil, and never to be held over the long term. When you hear everyone telling you to buy, they are the ones selling. When everyone is saying SELL, they are the ones buying.
All of my gold and silver investment is in silver and gold coins collected and saved when I was a kid delivering newspapers, and those that I inherited from my father's estate that he both inherited from his father and those he collected during his lifetime. Those are VERY old and have as much numismatic value as precious metal value, but their appraisals fluctuate with the ups and downs of metal prices. Sometimes they are worth more as old coinage, and sometimes more as precious metal. Regardless, they are only worth what you can get for them when you sell them. My kids will get them all someday, and they can put them all in a safe place and admire their collection every now and then, until they leave them to my grandchildren. Or they can sell them. Makes no difference to me.
You know why gold and silver prices don't stay high? It's because there is always more where that came from. Supply and demand will always dictate prices. Demand might be high now, but one of two things will happen. Supply will increase in response to the high prices, or prices will go down because of either a drop in demand, or an increase in supply, both of which are inevitable. This is just basic economics folks.
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