art prices

Peter Schiff: Obama, Federal Reserve, Government Have Failed As ‘This Economy Is A Disaster’

Economist, financial broker/dealer, and author Peter Schiff appeared on the Alex Jones Show last Friday. Schiff, who correctly-called last decade’s housing crash and recent global economic crisis, discussed a number of subjects with Jones, including Puerto’s Rico’s recent default/economic crisis and “modest” U.S. inflation numbers. The “crash prophet” said of the U.S. territory:

It’s never a problem until it is. So Puerto Rico is broke, but now it’s a problem because the creditors figured out that they’re broke. Well America is more broke than Puerto Rico. That’s a fact. It’s just that our creditors haven’t figured it out yet. But when they do, then Donald Trump is going to end up being right, because all we can do is default. And if we don’t default, if we print money- which now Trump is saying, “Oh, we don’t have to default because we can print.” Well printing is worse than default, because printing doesn’t just wipe out the bondholders, it wipes out anybody who hold U.S. dollars.

When asked by Alex Jones where all the inflation is being hidden, the CEO of Euro Pacific Capital pointed out:

It’s actually hiding in plain sight because, because first of all, the inflation is all the money printing. That’s the definition. The consequence of inflation is that prices go up. But look, stock prices went way up. Real estate prices went back up. Rare art went back up. Collectible cars went back up. I mean, asset prices have gone up like crazy- that is inflation. And, of course, anybody who lives in America knows that the prices are going up. Look, rents are up about 8 percent year-over-year. Look how much health care costs have gone up. Utilities are going up. Look at the price of food. Have you bought a steak recently at a supermarket? Prices are going up. It’s just that the government is not doing an accurate job of reporting, and that is by design…. The standard of living is going down. Americans are working two or three jobs a piece. And they can barely make ends meet. You know, this economy is a disaster. And everyone wants to pretend that it’s great, because no one wants to admit that Obama is a complete failure, that the Federal Reserve was a complete failure, that everything that government has done has failed.


“Venezuela Is America’s Socialist Future”
YouTube Video

Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

(Editor’s note: A qualified professional should be consulted prior to making a financial decision based on material found in this weblog. If this recommended course of action is not pursued, then it must be understood that the decision is the reader’s and the reader’s alone. The creator/Editor of this blog is not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information contained herein.)

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Marc Faber: Gold Going Up 30% In 2015

“BullionVault, an online service for investors to buy and sell physical gold and silver, said its Gold Investor Index fell in December to an almost five-year low.

The gauge, which measures the balance of buyers against sellers, slipped to 50.5 from 52.1 in November, the London-based company said in an e-mailed report today. That’s the lowest level since February 2010 and marked the biggest drop since 2013. A reading above 50 indicates more buyers than sellers…”

-Bloomberg.com, January 6, 2015

Regular readers of Survival And Prosperity know that Swiss-born investment advisor/money manager Marc Faber has been a gold bull for some time. And the publisher of the monthly investment newsletter The Gloom Boom & Doom Report is so confident about a rising price of gold in 2015 (in spite of all the negative sentiment among investors) that he made an eye-opening prediction yesterday. Sara Sjolin reported on the MarketWatch website Tuesday afternoon:

“I’m positive [that] gold will go up substantially [in 2015] — say 30%,” Faber, whose investment letter is called the Gloom Boom Doom Report, said at Société Générale’s global strategy presentation in London on Tuesday.

“My belief is that the big surprise this year is that investor confidence in central banks collapses. And when that happens — I can’t short central banks, although I’d really like to, and the only way to short them is to go long gold, silver and platinum,” he said. “That’s the only way. That’s something I will do.”

(Editor’s note: Bold added for emphasis)

BullionVault

Dr. Faber repeated his recent “bubble in everything, everywhere” statement while in London. Sjolin added:

“We simply have highly inflated asset markets. Real estate is high, stocks are high, bonds are high, art prices are high, and interest rates and short-term deposits are basically zero,” Faber said. “The only sector that I think is very inexpensive is precious metals, and in particularly precious-metals stocks.”

(Editor’s note: Bold added for emphasis)

Faber, who became well-known for advising clients to get out of the U.S. stock market one week before the October 1987 crash and for predicting the 2008 global financial crisis, appeared on CNBC’s Squawk Box back on September 19, 2014, and warned viewers:

Today, the good news is we have a bubble in everything, everywhere– with very few exceptions. And, eventually, there will be a problem when these asset markets begin to perform poorly. The question is- what will be the catalyst? It could be a rise in interest rates not engineered by the Fed, because I think they’ll keep interests rates at zero on the Fed funds rate for a very long time… We could have essentially a break in bond markets at some point. We also could have a strong dollar. A strong dollar has already happened in the last two months signifies that international liquidity is tightening. And when that happens, usually it’s not very good for asset markets.

Dr. Faber also sees a potential investing opportunity in emerging markets, which you can read about in Sjolin’s piece on the MarketWatch website here.

(Editor’s notes: Info added to “Crash Prophets” page; I am not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented herein.)

Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

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