Monday, February 13, 2012

Peter Schiff : Retirees need to buy Gold & Silver not Dollar denominated debt instruments

Peter Schiff : “I think what retirees need to understand, is that when the dollar is wiped out, all dollar denominated debt instruments are going to go with it,”
“So what they have to do is get out of the dollar completely.” “A lot of them [retirees] are buying longer-term U.S. Treasuries, you know, maybe 30 years to get extra yield. In so doing, they’re taking enormous risk,” Schiff explained. “In fact, many of the funds that are out there are actually levering up longer-term debt. That’s incredible risk. Other people are buying overpriced stocks.” “So retirees need to buy gold and silver,” - in beaconequity

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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.