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Tuesday, May 17, 2011

Peter Schiff Short The Dollar on Euro Woes?

Peter Schiff : I'm short the dollar against a number of things. i think a reason the dollar is strengthening is because you have a lot of investors or traders starting to rethink their optimistic growth assessment. and you might think that might be bearish for the dollar, but if you think that means they're selling their gold or commodities, they're buying back dollars. i think the dollar is benefitting from that. i think people take the fed at its word. i think they think qe2 is going back for the summer. i think if you really connect the dots, you understand that weak economic data is very negative for the dollar because it means QE2 does not go away we get an even bigger round of quantitative easing. that's very bullish for precious metals bearish for the dollar and bullish for foreign stocks. "

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Peter Schiff is a well-known commentator appearing regularly on CNBC, TechTicker and FoxNews. He is often referred to as "Doctor Doom" because of his bearish outlook on the economy and the U.S. Dollar in particular. Peter was one of the first from within the professional investment field to call the housing market a bubble. Peter has written a book called "Crash Proof" and a follow-on called "The Little Book of Bull Moves in Bear Markets". He is the President of EuroPacific Capital, which is a brokerage specializing in finding dividend-yielding, value-based foreign stocks.