Peter Schiff: Buy Gold, Treasuries A "Sucker's Bet" (GLD)
Peter Schiff told Yahoo Tech Ticker that he isn't as negative on stocks as he once was, prior to the financial crisis. He said, “I don’t think there’s any dramatic rally coming in the near term,” he says. “[But] I don’t think there’s going to be a catastrophic decline either. I think the Fed will create enough inflation to create a nominal floor beneath stock prices.”
Schiff also called the U.S. Dollar a "bottomless pit" and said that the dollar will continue to lose its value versus gold and foreign currencies. “I think the 'real' [i.e. inflation-adjusted] value of U.S. stocks is going to plunge based on the horrific monetary and fiscal policies being pursued by the Federal Reserve, Congress and President Obama.”
Schiff remains very bullish on gold. “The trend is your friend," he says. “These are long trends that are in place I think they are going to accelerate based on exploding deficits, government stimulus, [and] the socialization of our economy.”
Furthermore, the noted investment adviser and economic observer continued to predict a crash in the Treasury market, calling it the "biggest bubble" of all. “Buying a 30-year Treasury at a 4% yield is a sucker’s bet.”
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