Gold prices are soaring and that’s no surprise for today’s guest. He’s famous for criticizing the Federal Reserve’s monetary policy of printing more and more money to bail out companies that shouldn’t be bailed and to fund the ever-growing government programs that simply can’t be funded by taxes alone.
Peter Schiff is Chairman of SchiffGold, CEO and Chief Global Strategist of Euro Pacific Capital, Inc, and host of The Peter Schiff Show. Peter is an economic forecaster and investment advisor influenced by the free-market Austrian School of economics. He is one of the few forecasters who accurately and publicly predicted the 2007 housing market collapse and subsequent 2008 financial crisis.
And let me warn you, he thinks another financial collapse is coming. I don’t necessarily agree with all of his points as I do believe that affordable real estate in growing metros can withstand a recession, just like certain areas near Dallas that fared very well during the last crisis. I did buy gold and silver but I also but I also believe it should only comprise about 10% of one’s portfolio — simply because gold doesn’t cash flow. But, it is a good hedge for a weakening dollar. I do agree that this is a time to be cautious and very, very aware of how the financial system works.