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Peter Schiff Says Gold to $5,000/ounce and US Market Rally Will Fade
Posted By admin On September 25, 2009 @ 4:09 am In Money Watch | Comments Disabled
Friday, Sept 25th, 2009
Peter Schiff, President of Euro Pacific Capital, stated in a web cast today on Yahoo! Finance that he sees gold reaching $5000/ounce and the US market faltering.
He believes due to the governments poor policy decisions over the past 9 years, and recent amplification of these same mistakes the US dollar is set to fall to fresh lows versus commodities and other currencies.
Schiff said China and other Asian markets are especially fertile ground for investment as their underlying economic conditions and policies are far superior to the US and are immune from a weakening US dollar.
Investors can emulate Schiff’s advice by buying Ishares China ETF (NYSE: FXI) or SPDR Gold Shares (NYSE: GLD).
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