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Sucker's Paradise: Schiff, Grant, Turk, Faber: "Long and Wrong" on Gold


"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:"

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The reason gold has gone down besides manipulation:

the Fed has convinced people falsely of two things:
inflation is not an issue and won't be
QE is not forever even though they have been at it for five years and have printed $4+ trillion
Soon the Fed's Taper Bluff will be called:

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Are they talking about the

Are they talking about the price of paper gold contracts or of physical gold? If it is the former, Schiff and the others haven't been wrong. Right? I wish some of you would make this issue more understandable for the rest of us.

Both paper and physical are down

The paper price at the comex drives physical price, but this is not going to continue forever. The paper prices are manipulated with the obvious intent of driving price down and breaking through key support levels of price. Physical demand has remained strong, though. At some point something has to give and either price has to rise or demand has to fall. Personally, I think gold is on sale right now.

We all want progress, but if you're on the wrong road, progress means doing an about-turn and walking back to the right road; in that case, the man who turns back soonest is the most progressive.

-C. S. Lewis

How can anyone ,with average intellegence, read

this and keep a straight face? Has anyone that believes this propaganda really done any research about our Monetary system and economy? What really caused the 2008 crash?

I think all assets the banks are sitting on are just paper backed up with more paper. Nothing has changed from 2008 crash, and 2008 was just a little pop before the mother of all booms happens. This time they have burned through any leverage they had in 2008. I doubt more printing of funny money would change much if a crash of our markets happen.

If money printing by the FED would have actually change anything we should have a high flying economy by now. Most have lost their high paying jobs and are either on welfare or taken low paying jobs. We are losing the middle class, so no help from them for a economic recovery.

What really will happen when Obamacare kicks in full steam in 2014? 15 million are losing their health care and have to sign up for less coverage and higher premiums. Then you have the young that usually don't buy heath insurance forced to buy. Does anyone think this is not going to effect the economy? Americans are going to lose their purchasing power in 2014. What will happen to all these companies that rely on everyday purchasing? Obamacare is just a new scheme dreamed up by the 1% to get more of our money. Because taxes and interest isn't enough to prop up this monster top heavy ponzi scheme we have as a banking system.

I think there is way too much uncertainty for myself not holding precious metals. What happened in 2008 when the stock market turned down? Many could even sell their stocks fast enough.

So have a nice laugh at the gold and silver stackers, because when the crapola really hits the fan, no one will be laughing then.

Gold standard: because man can not be trusted to control his greed

Trading perspective...and semantics

Day Trader, Swing Trader, Investor, Hedger, Storage.

Which of these people are "wrong" on Gold?

Dumb opinion piece without defining the perspective...just dumb.

Wha? .....hey....who stole my country?

Now is the best time to buy in years

Those who believe gold will fall below $1000 must also believe all mines will shut down because it costs more than that to produce.

I've owned mining stocks for years, and I have lost a lot. I'm still a buyer though. Where else should you store extra cash? Twitter?

We all want progress, but if you're on the wrong road, progress means doing an about-turn and walking back to the right road; in that case, the man who turns back soonest is the most progressive.

-C. S. Lewis

It`s all relative.

I have not bought any gold since it went over $900/oz. Probably 80% of the gold I have was bought at $279~$380/oz. The other 20% was bought in the $700~$800/oz. area. I have no gold for sale and won`t buy any unless it goes below $1000. I wish my real estate property had done as well.

It is hard to imagine a more stupid or more dangerous way of making decisions than by putting those decisions in the hands of people that pay no price for being wrong.
Thomas Sowell

An Old Argument, Paper vs Gold.

The facts are:
Since 1913 paper dollars have lost about 98% of there original value which was supposed to be 1/20 th of an ounce of Gold or 371.25 grains of Silver.


"Paper" derivatives, which are mostly unbacked by anything of real value, except more unbacked paper, are trying to 'support' the entire worlds banking systems.

Those holding Gold/Silver will benefit greatly if and when the paper crooks are fully exposed.

Ask any King/Queen/Emperor/Dictator, or other,

Which would you rather live in?
A paper house or a Gold/Silver house.


Austrian Economics

I stick to my understanding of economics. What the federal governments of the world are doing, Keynesian Economics, in my belief is guaranteed to fail. The consequences we here are all very aware of. So precious metals seem like a simple decision, a no brainer.

The harder the governments work to prevent gold from rising, the higher the rise will eventually be. Gold in itself will not actually rise in value, but FIAT currencies around the world will devalue.

ecorob's picture

To be fair...

Shiff, and all of these other economists, are very pragmatic.

They see "cause" and they recognize the "effect" that these causes will have. It is from within a very structured definition that these brilliant men work.

Because America CONTINUES to print fiat money and RULE the globe with imperialistic impunity (impunity = immunity from detrimental effects) that doesn't mean these strategists are wrong.

It ONLY means that when the other shoe falls it will be to the great detriment of us all on a massive scale. Where will you, pil45, be then?

Sometimes you just need to take a step back and say, "Wait a minute, what is real?"

Fiat money is worthless and becoming MORE worthless every day. Witness, QE Infinity. Gold and silver paper are being manipulated on a monumental scale. That is proven.

Hard assets will always be tangible.

Now, make your choices and live with them.

I don't care what YOU do. Just leave me alone to make my own mistakes or successes.

its 'cos I owe ya, my young friend...
Rockin' the FREE world in Tennessee since 1957!
9/11 Truth.



First They Ignore You

Where have I seen this pattern before?

We seem to have completed the first two steps: ignoring and laughing.

This means we've turned a corner and time is getting really short.

What do you think? http://consequeries.com/

Only part of the prediction

Schiff is usually very careful to say he doesn't know when gold will move, just that it is an inevitability given the Fed policies.

This is going to get

This is going to get interesting. Something to think about. As of last Friday, information from the COTS (commitment of traders report) and the bank participation report show that JPM had a gold long corner of 82,000 contracts. They held over 25% of the total long contract in Gold. As of the same time period, JPM also has an 18,000 contract short corner in Silver. Also over 23% of the total net short position. The CFTC just AGAIN passed a law to enforce position limits. A year ago a previous position limits law was thrown out by a judge after the banks had protested. This time the law has enough teeth that I don't think it will get tossed. So this is the problem. If JPM has to reach a 5000 contract position limit in both silver and gold it would mean JPM will have to sell off it's long position in gold which would be very bearish on gold as they cover their long position. This would also be VERY bullish for silver as they cover that short position. Going to be very interesting. WE ARE TALKING PAPER gold and silver. the paper markets are going to be messed up. watch the physical market price for both go up with paper silver up but paper gold down. With China, Russia, India, Turkey and many other nations and central banks taking delivery of physical gold I do not see how the physical price will go down much. Who knows, will be interesting.


Corporate Media ... I don't listen to there garbage

Buy when there's blood in the streets

You don't want to buy when everybody's on the bandwagon

1) Global gold investment demand is down 68% over the past year. (Source: World Gold Council, Q2 2013)

2) Gold has already met the generally accepted definition of bear market, with it 31% decline from 2011 peaks.

3) Gold and other precious metals are in the midst of a severe technical downtrend.

4) Gold is underperforming every major asset class, including long-term Treasury bonds which have been horrible.

5) Gold manipulation or not, being short gold or completely out of gold, has been the right place to be.

Gold and Silver

are being so corrupted right now, they 'are' eventually going to shoot through the roof. The Banksters are using the 'paper' markets to drive the spot prices down, because as long as 'fools' don't take possession of their metals, they can continue to manipulate the prices with this 'ponzi paper scam'. The prices should be based on supply and demand, but this scheme has been able to undermine the free market system. Now is the time to be buying, that's if you are able to even get any type of quantity, because most brokers are short on supply and you will have to basically put in backorders and wait for them to locate the metals for your desired purchase. I think the Ruskys and the Chicoms are soon going to call the Banksters bluff, since, they have been purchasing all they are able to, and if they expose the scam, they will double if not triple their profits.

One of life's great lessons

One of life's great lessons is that "no one knows nuthin' about anything."

And the "Ones" that DO Know...

ain't tellin us.

God forgives always. Man forgives sometimes. But Nature never forgives.

I'm up

on ALL of my gold and silver purchases and gold has been up something like 9 of the last 10 years. These articles are rubbish and aimed for the speculator.

"Endless money forms the sinews of war." - Cicero, www.freedomshift.blogspot.com

If Anyone Here

Knows a better inflation / dollar crash hedge than precious metals - or farmland - I'm all ears.

And if you say the stock market - get lost. I've lived thru the dot com and the housing bubbles, and will surely see the bond bubble bust - I've learned my lesson. So many have been duped or compelled into becoming CNBC junkies - I'm not going there.

I know it's coming - I just don't know when. I'm running out of time - 5 years max to retirement, just hope my investments can hold out 'til I can save up enough to pay cash for a house with a plot of land and maybe some water. I don't want to have to work myself to the grave, I would much rather have saved for the rainy day that we all know is coming.

Make sure

Everything you hedge yourself with has counter party risk....
You want to make sure you lose it all when the dollar value collapses.
This is what Obama wants.... for mother russia.

Ron brought the Liberty movement together, Rand is expanding the crap out of it! :)


bitcoin in addition to gold and silver.