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Peter Schiff - Silver to Take Out $50, New Shorts are Suckers

With gold off the lows and silver trading higher, today King World News interviewed Peter Schiff CEO and Chief Global Strategist of Europacific Capital. When asked about the pullback in gold Schiff remarked, “I think it’s a buying opportunity...I do believe the US economy is slowing down, in fact I think it’s going to slow a lot more than people realize. But for that reason I think that quantitive easing will not end over the summer, in fact I think the Fed is going to step it up. QE3 could be even bigger than QE2 and that’s very bullish for precious metals and very bearish for the dollar.”

When asked about the Mexican central bank purchase of 100 tons of gold Schiff replied, “What surprises me is that more central banks aren’t buying even more gold. Central banks are loaded up with depreciating dollars, they need to buy gold instead. The crazy thing is that I’m even hearing talk about the US selling its gold to help fund its debts. That would be the worst thing we could do. The last thing we would want to sell is our gold, I mean if we sold that then that would be it, we would have nothing. The dollar would just become complete confetti.”

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Peter says DON'T SELL OUR GOLD

and Ron says it may be a good idea. I would like to be a fly on the wall in THAT conversation.

....where the Spirit of the Lord is, there is LIBERTY. 2 Corinthians 3:17(b)

***wants are unlimited, means are scarce...***

you do realize ron does not

you do realize ron does not really want the u.s. to sell it's gold right?

this bull market is just

It could get cheaper before it gets more expensive

There could be a pothole on the road to $50 and above. Remember, Peter Schiff completely missed the huge decline in commodities that resulted from the Panic of '08. Buying AFTER that happened netted twice the ounces for the same amount of FRN's as buying just before did. There was a long window of opportunity at the bargain prices too.

BTW, the million dollar bet that silver would fall to under 25.854 by mid July (July Put SLV 25, bought at $0.10) is still showing on the option chains chart.

Ĵīɣȩ Ɖåđşŏń

"Fully half the quotations found on the internet are either mis-attributed, or outright fabrications." - Abraham Lincoln

Government should not own gold

Any gold in Ft Knox is rightfully owned by the folks who owned gold-backed dollars before Nixon closed the gold window back in the 70s. Unfortunately, they did not have enough to meet their obligations, which is why Nixon defaulted on that debt and refused any more redemptions.

Since that gold is effectively stolen property, they do not really have any right to sell it.

However, trading it for Federal Reserve Notes is really a form of redemption, so perhaps sale of the gold on the free market would not be such a bad thing.

Back up a step

Much of the gold that Nixon stole in 1971 from the foreign bankers was first stolen from US citizens (and other bankers) in 1933. FDR stole 44% of the value of a dollar when he illegally devalued the dollar from $22.67 per oz to $35 by executive order.

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"Fully half the quotations found on the internet are either mis-attributed, or outright fabrications." - Abraham Lincoln

they can't buy gold.. if they tie their local currencies to

commodities then their real wage would sky rocket. that's going to kill exports or make local businesses very hard to survive since the real global currency (dollar) is still robbing away commodity resources and jacking up the price.. whichever country that does it is going to hit businesses with both rising commodity prices plus real rising wages against the rest of the world

gold is useful if the third world war breaks out. if the status quo is to be maintained, having a strong currency actually is bad for a country in the race to the bottom.

if every central bank bought gold, that is as effective as abolishing the world currency and whoever ends up with the most gold will be the biggest loser unless it has enough economic infrastructure and advantage already to justify the higher wages because its currency will be the strongest in international trade, otherwise wealth will just flee the country. it's a paradox. true a higher interest rate is good for all globally, but there are still winners and losers in between.. they don't all benefit equally. 2nd and 3rd world nations benefit disproportionately from plunging commodity prices, for example. therefore militaristic empires do see it in their advantage to keep interest rates low.

but the thing is that commodity prices will keep rising whether central banks purchase or not. i suspect that central banks will rush in to purchase only at the final stages when countries begin to destabilize and there is fear of wars breaking out.

I suspect none of this will matter

if a third world war breaks out (involving nuclear weapons). Gold, Frns, internet,....nothing but scraping up whatever you can eat or drink as you watch your hair fall out.

"Necessity is the plea for every infringement of human freedom. It is argument of tyrants. It is the creed of slaves." William Pitt in the House of Commons November 18, 1783
"I know major allies who fund them" Gen. Dempsey referring to ISIS

Fact

Hallucinogenic "Lose yourself" drugs will become a very big asset.

If I disappear from a discussion please forgive me. My 24-7 business requires me to split mid-sentence to serve them. I am not ducking out, I will be back later to catch up.

Pete is assuming that there is

still gold remaining at Ft. Knox. I think Ron is calling their bluff.

"Necessity is the plea for every infringement of human freedom. It is argument of tyrants. It is the creed of slaves." William Pitt in the House of Commons November 18, 1783
"I know major allies who fund them" Gen. Dempsey referring to ISIS

Most likely, we don't own the gold! Great move by Ron Paul!

So RP would like to say, let's sell the gold to pay our debts. If we did that, then it would come out that we don't really own the gold. Then it would also be known who REALLY owns it!

Obviously, this will never happen. RP made a great move suggesting it. If the premise across MSM is that gold is a worthless metal, then why not sell it at record high prices to cover our debts? Excellent move by RP! He knows the game : )

"I think Ron is calling their

"I think Ron is calling their bluff."

This was my immediate response after reading his selling off of the gold in fort knox being a good idea comment.

Showing our cards to the rest of the world...

...isn't a wise move either...let's be careful here...if the US dollar's reign/"privilege" as the world's reserve currency is coming to an end, then I would like to think we haven't also put ourselves in such a vulnerable position to ALL bankers the world over...we might not NEED their help if this thing goes south...Peter has been warning the sheeple with ALL their assets in paper to "be prepared", and that is still his position today...whether one is a rich fat cat on Wall Street, or totally dependent on food stamps, unemployment or social security checks and section 8 rent...or any middle class guy inbetween with a boatload of "blue chip" stocks from companies that are government-subsidized; paper is paper, and all those people who had FAITH in our dollar(ignoring the obvious numbers that Peter has been watching) will be made into 'suckers' overnight...might we not defend our nation from a "seizure" of our assets if we default on the dollar, by paying our own military with a gold/commodities-backed stronger currency?

I'm trying to understand your position here...

but with China, India, Russia and a number of other countries literally buying tons of gold and silver, I believe the cat is already out of the bag. TPTB are looking for (and have already selected) the next industrial super power(s), and it isn't us. I think that getting the truth out will be the first step in reclaiming our country, jailing/executing those who have committed high treason and begin anew. "They" have defaulted before and yet the country recovers and moves on. Of course, this will happen sooner with Dr. Paul at the helm....

"Necessity is the plea for every infringement of human freedom. It is argument of tyrants. It is the creed of slaves." William Pitt in the House of Commons November 18, 1783
"I know major allies who fund them" Gen. Dempsey referring to ISIS