Sucker's Paradise: Schiff, Grant, Turk, Faber: "Long and Wrong" on GoldSubmitted by pil45 on Sat, 11/09/2013 - 09:26
"The Great Gold Crash of 2013 is one of this year's biggest investment themes the gold experts never saw coming. And most of them, after being completely blindsided, are still in complete denial.
Look no further than Mr. Know-it-All himself, Peter Schiff. Here's what he said on June 11, 2013 in a interview with CNBC Futures Now:
"Gold can certainly make a move up to $1700 or $1800. When the world figures out the position we're in, it's gold that's going to the moon."
Since then, gold prices have sunk another 7.2% and it's worth noting that this is the same Mr. Schiff who on Feb. 13, 2013 said in a MarketWatch report he was sticking to his $5,000 per oz. gold forecast. And before that, on Dec. 6, 2012, Schiff told Yahoo! Daily Ticker that "gold was still in an uptrend."
To be fair, Schiff is not the only gold expert who's been long and wrong about gold. Mr. Schiff is joined by a venerable list of other "smart money" guys, that remains bullish on various gold linked assets. This includes David Einhorn, Dennis Gartman, James Turk, John Paulson, James Grant, and Marc Faber.
For the rest of the world, (not the one with its ostrich head buried in the sand, the other one) it's important for you to understand a few gold facts:"