/biz/ - Business & Finance

>pumping gold

Kek

He unironically thinks BTC will be at $3k before gold. Top kek.

>>17392465
it is substantial. 3k tons is about how much new gold is mined per year. though it will take a lot of time for them to mine this gold mountain to that surplus will be stretched out over many years.

>>17392419
Dat jew nose

>>17392419
unironically have a big stack of gold stock ontop of my crypto investment

every day last week it was green, made like 3%, its pretty nice

unlike crypto i dont have to worry about it dropping 30% while i sleep

Isn't mining gold the equivalent of printing money?

>>17393287
mining gold is expensive buddy

it costs virtually nothing to run a usd printing press

>>17393434
pow vs pos?

Schiff quotations-
>2009: I know inflation is going to get worse in 2010. Whether it's going to run out of control or it's going to take until 2011 or 2012, but I know we're going to have a major currency crisis coming soon. It's going to dwarf the financial crisis and it's going to send consumer prices absolutely ballistic, as well as interest rates and unemployment.
Nothing happened.

>2011: Why it’s time to dump most U.S. stocks... I would also avoid any high-multiple stocks, which excludes most technology or biotechnology companies.
Technology stocks did phenomonally well over the past decade.

>2012, when gold was $1700: Gold’s got only one direction to go, and that’s higher... I think you’re going to see a big move sometime in the next couple of years... In a few years, we're talking gold $5000.
Then gold crashed to $1300 next year, $1200 the year after.
>2014: I never specified that gold would hit 5000 in two years. You can say that Schiff thought gold would make a big move in two years. He was right, but the move was in the opposite direction... A few could be 3, but it could also be 4 or maybe 5.
It's been 7+ years since his prediction.

>2012: [QE is] not going to revive the economy. It’s not going to create jobs. But it will help destroy the dollar. And that is going to send gold higher.
Employment actually increased.
>2015 when confronted about his prediction: Most of those jobs will be lost in the coming recession that will likely begin in 2016.
No recession in 2016.

>January, 2019: 2008 Great Recession will Pale Compared to 2019 Bear Market
Bull market in 2019.

>>17393685
He's still correct and I can't wait for the day of reckoning.

>>17393685
Yeah he is basically a perma gold bull and a perma US markets bear

but if you look at the US stock market its definitely reaching euphoria stages of a bubble and the gold chart over last 10 years is recovering to its old ATH, gold chart is looking very bullish

gold will likely hit 2k this year, then fomo as it breaks ATH combined with stock market crash could send it to 3k

>>17393685
he is right in the macro sense but you shouldn't listen to schiff for investment advice kek

>>17393708
2k per oz lmao?

>>17393695
Peter is a little bit stupid

>>17393708
Good luck, you should look at macro 100 year cycles. Market will go much higher

>>17393725
>Peter is a little bit stupid
Austrian economics is the only true economics.

>>17393685
note to self: do not do as schiff does his dos

>>17393685
>doesn't know about the 63% labor participation
>thinks that trump criticizes the fed because he doesn't want them to take credit for the good economy
holy shiff dude you're retarded.
the only thing that made his predictions too early is because of the 50 to 100 Billion dollars printed daily and shoved up the stog markets ass to keep its erection getting bigger and bigger
shiff was holding back. he knows that hundreds of millions or even billions will die of starvation

>>17393719
You know it's already at 1634 right? And you know it went up $300 last year? Why is it going up $400 in 2020 a "lmao"?

>>17392419
Peter Schiff is a tragic figure. He's always ultimately right about what's going to happen, but he's usually 5-10 years too early in telling people to invest against it.
To be fair, in the last 12 months he has been right about mining stocks and gold/silver. But it's the same shit he's been saying for like 4 years now. If you listened to him 3 years ago you probably would be insolvent by now.
Also he is balls to the wall in denial about crypto.

>>17393774
there is no way it reaches 2k in 2020 bro

>>17393787
the funny thing is every time gold rallies 5% he gets on his podcasts and gloats and say 'it's finally here' but the stock market just keeps going up and gold keeps crabbing,

>>17393811
it went up like 150 in the past month

>>17393846
going to crash for sure soon, id say march

>>17393504
look at this fucking brainlet

>>17393832
Well sort of sort of not. If you look at gold over 15 years it's rising at about an average of 9% a year. Not bad right?
Problem is twofold;

>number one just putting money in the S&P and leaving it there is a better return so long as you can remain solvent.
>number two according to the very gold bugs who advocate PMs, actual inflation is ~9% per year, which means at best you are maintaining wealth with gold not actually gaining any

I think everyone should own some. But the idea that it's anything more than a hedge against inflation is kind of silly. It's something you buy as an insurance policy not as a way to actually increase your wealth.

>>17393773
>the only thing that made his predictions too early is because
He didn't take other factors into account and doubled down on his own narrative. This is a common problem with big brained libertarians who know everything.

>>17393884
true but 2006-2010 went from 500-2k

a 4x in 4 years is pretty amazing

id say dont hold gold permanently but when the stock market is at euphoria and gold chart is looking good its time to buy and ride the bullrun until stocks are cheap again

>>17393982
This is honestly the best way to handle him.
When you hear him spelling doom and gloom, by all means pay attention. But understand that there are things he isn't taking into account, and he's probably like 5 years too early.
He was calling 2008, back in 2001. That's impressive and he deserves credit for it. But it also means that if you take his advice now, you better either have a long ass time horizon or be prepared to go insolvent before his predictions actually come to fruition.

>>17393884
>>17394007
Pick related. If you got in during 2000s and got out after the parabolic run up you did great. It's only been the last 10 years where its been crabbing to try to get back to old ATH.

There's a decent chance that when the 2020-2021 stock market crash happens we see a parabolic move in gold.