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Distrusting the Gold Trade: A Response

By: Peter Schiff | Monday, January 21, 2013

In an article entitled "Ignore the 'buy gold now' crowd" on CBS MoneyWatch this Monday, columnist and equities analyst Larry Swedroe criticizes forecasters who remain bullish on gold despite its monumental decade-long run.

He links to an interview in which I forecast that gold will rise above $5,000/oz before this bull market ends. Unsourced, Swedroe modifies my prediction to $2,300/oz by the end of 2013. While I typically forecast overall market direction rather than timing, I'm fairly comfortable with the words Swedroe put in my mouth. I believe gold will continue to rise and close 2013 significantly higher than present levels, and I'm invested accordingly. What I find most disconcerting in Swedroe's piece is everything that follows. He goes on to question both a) investment forecasting as a practice and b) gold as an asset in general.

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Author: Peter Schiff

Peter Schiff, CEO
Euro Pacific Precious Metals

Peter Schiff

Peter Schiff is an internationally recognized economist specializing in the foreign equity, currency and gold markets. Mr. Schiff made his name as President and Chief Global Strategist of Euro Pacific Capital. He frequently delivers lectures at major economic and investment conferences, and is quoted often in the print media, including the Wall Street Journal, New York Times, L.A. Times, Barron's, BusinessWeek, Time and Fortune. His broadcast credits include regular guest appearances on CNBC, Fox Business, CNN, MSNBC, and Fox News Channel, as well as hosting his own weekly radio show, Wall Street Unspun. He is also the author of the bestselling books: "Crash Proof," "The Little Book of Bull Moves in Bear Markets," and the recently released: "Crash Proof 2.0: How to Profit from the Economic Collapse".

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