Comments on: Mish takes Peter Schiff to the cleaners http://sovereignspeculator.com/2009/01/26/mish-takes-schiff-to-the-cleaners/ Thoughts on the markets and the decline of the west Mon, 07 Nov 2011 09:17:12 +0000 http://wordpress.org/?v=2.6 By: Donny Asmond http://sovereignspeculator.com/2009/01/26/mish-takes-schiff-to-the-cleaners/#comment-1327 Donny Asmond Thu, 26 Feb 2009 19:16:24 +0000 http://sovereignspeculator.com/?p=2290#comment-1327 The most important thing to keep in mind is that we are all playing with a stacked deck in their favor. The Fed determines economic policy. The Fed is NOT a Government agency but a private bank run for profit. The Chairman of the Fed is beholden to stockholders not the American people. The Fed exists to create profit for it's stockholders. It also manipulates the economy for it's own benefit. The finical "crisis" we see around us is a manufactured event and is resulting in a transfer of wealth from the middle/upper classes to the wealthy elite. True wealth is never destroyed, it's merely transfered. The more you understand the game, the better decisions you can make with regards to your money. Gold and silver are not mentioned on the evening news for a reason. Glowing reports of the next big cancer drug ARE mentioned for a reason. In 2002 I asked my finical adviser about owning Gold.. He looked at me cross eyed and advised against it. However, the articles I was reading about Gold and silver made sense and as I researched and became more educated on the topic, I decided to ignore his advice and buy some gold. Gold was $280 at the time. My advice is to learn everything you can about whatever it is that interests you understand that the majority of "experts" on any given subject are not necessarily looking out for your interests and even if they are, many of them are so poorly educated on real economics that thier opinions are worthless and often harmful. Oh and certainly NEVER EVER listen to any expert who makes his living advising you from behind the desk of FOX NEWS or CNN etc. The most important thing to keep in mind is that we are all playing with a stacked deck in their favor. The Fed determines economic policy. The Fed is NOT a Government agency but a private bank run for profit. The Chairman of the Fed is beholden to stockholders not the American people.
The Fed exists to create profit for it’s stockholders. It also manipulates the economy for it’s own benefit. The finical “crisis” we see around us is a manufactured event and is resulting in a transfer of wealth from the middle/upper classes to the wealthy elite. True wealth is never destroyed, it’s merely transfered.

The more you understand the game, the better decisions you can make with regards to your money. Gold and silver are not mentioned on the evening news for a reason. Glowing reports of the next big cancer drug ARE mentioned for a reason.

In 2002 I asked my finical adviser about owning Gold.. He looked at me cross eyed and advised against it. However, the articles I was reading about Gold and silver made sense and as I researched and became more educated on the topic, I decided to ignore his advice and buy some gold.
Gold was $280 at the time.

My advice is to learn everything you can about whatever it is that interests you understand that the majority of “experts” on any given subject are not necessarily looking out for your interests and even if they are, many of them are so poorly educated on real economics that thier opinions are worthless and often harmful.
Oh and certainly NEVER EVER listen to any expert who makes his living advising you from behind the desk of FOX NEWS or CNN etc.

]]> By: Tom http://sovereignspeculator.com/2009/01/26/mish-takes-schiff-to-the-cleaners/#comment-1185 Tom Thu, 29 Jan 2009 01:27:14 +0000 http://sovereignspeculator.com/?p=2290#comment-1185 I would have to agree with hcrosby: almost no one is interested in gold. When I talk to neighbors or friends about owning a little gold, they look at me like I am from Mars. I do not believe 1/10th of 1 percent of the population is an exaggeration with respect to gold ownership here in the U.S. Tom I would have to agree with hcrosby: almost no one is interested in gold. When I talk to neighbors or friends about owning a little gold, they look at me like I am from Mars. I do not believe 1/10th of 1 percent of the population is an exaggeration with respect to gold ownership here in the U.S.

Tom

]]> By: hcrosby http://sovereignspeculator.com/2009/01/26/mish-takes-schiff-to-the-cleaners/#comment-1178 hcrosby Wed, 28 Jan 2009 15:34:23 +0000 http://sovereignspeculator.com/?p=2290#comment-1178 I actually sold a couple of gold stocks yesterday in which I was up over 80% since just before Christmas. But I still believe gold will be the place to be, especially once it becomes evident that this so called stimulus package Congress is going to pass is just one big tub of lard.... I actually sold a couple of gold stocks yesterday in which I was up over 80% since just before Christmas.

But I still believe gold will be the place to be, especially once it becomes evident that this so called stimulus package Congress is going to pass is just one big tub of lard….

]]> By: Mike http://sovereignspeculator.com/2009/01/26/mish-takes-schiff-to-the-cleaners/#comment-1172 Mike Tue, 27 Jan 2009 23:32:11 +0000 http://sovereignspeculator.com/?p=2290#comment-1172 I'm a gold bug, too, but I'm shorting now precisely because gold and XAU are up that much so fast. Overbought is overbought. I’m a gold bug, too, but I’m shorting now precisely because gold and XAU are up that much so fast. Overbought is overbought.

]]> By: Mark Herpel http://sovereignspeculator.com/2009/01/26/mish-takes-schiff-to-the-cleaners/#comment-1171 Mark Herpel Tue, 27 Jan 2009 22:51:11 +0000 http://sovereignspeculator.com/?p=2290#comment-1171 Well the Philadelphia Gold and Silver Stock Index Up 90 Percent in 90 Days. I'll stick with 80% gold and 20% in silver but I'm one of those bugs you keep talking about. Mish is right on. Mark Well the Philadelphia Gold and Silver Stock Index Up 90 Percent in 90 Days.

I’ll stick with 80% gold and 20% in silver but I’m one of those bugs you keep talking about.
Mish is right on.

Mark

]]> By: hcrosby http://sovereignspeculator.com/2009/01/26/mish-takes-schiff-to-the-cleaners/#comment-1170 hcrosby Tue, 27 Jan 2009 15:27:14 +0000 http://sovereignspeculator.com/?p=2290#comment-1170 Gold bugs, and there are not very many of them, love gold, but the rest of the financial world ignores it almost completely. I think that any real student of Austrian economics could have their view about the popularity of gold skewed by our own views. And how many of us are there? 1/10th of 1% of the population? Remember, the market capitalization of the ten largest gold companies in the whole world doesn't begin to equal that of MSFT. That hardly seems to me that all kinds of people love gold! I'll bet if you walked the streets of any US city and did a random sampling of the populace, and asked the question "what is the world's most traditional form of money?", less than two percent of the respondents would give the right answer. Gold is not only not loved by "too many people", most people don't even pay any attention to it! I watched the Saturday mnorning business shows for two hours this week, with probably 30 talking heads, and the word "gold" never passed anyone's lips even once. Other than Ron Paul, did any politician this past year ever even mention the term "gold standard"? Believe me, as this currency debacle completely unravels, the sheeple will not have any gold. This is not 1933. Almost everyone has been completely brainwashed into accepting the fiat paper money schemes and the wisom of the FED. The sheeple are waiting to be sheared. Gold bugs, and there are not very many of them, love gold, but the rest of the financial world ignores it almost completely. I think that any real student of Austrian economics could have their view about the popularity of gold skewed by our own views. And how many of us are there? 1/10th of 1% of the population?

Remember, the market capitalization of the ten largest gold companies in the whole world doesn’t begin to equal that of MSFT. That hardly seems to me that all kinds of people love gold!

I’ll bet if you walked the streets of any US city and did a random sampling of the populace, and asked the question “what is the world’s most traditional form of money?”, less than two percent of the respondents would give the right answer.

Gold is not only not loved by “too many people”, most people don’t even pay any attention to it! I watched the Saturday mnorning business shows for two hours this week, with probably 30 talking heads, and the word “gold” never passed anyone’s lips even once.

Other than Ron Paul, did any politician this past year ever even mention the term “gold standard”?

Believe me, as this currency debacle completely unravels, the sheeple will not have any gold. This is not 1933. Almost everyone has been completely brainwashed into accepting the fiat paper money schemes and the wisom of the FED.

The sheeple are waiting to be sheared.

]]> By: GG http://sovereignspeculator.com/2009/01/26/mish-takes-schiff-to-the-cleaners/#comment-1169 GG Tue, 27 Jan 2009 14:04:48 +0000 http://sovereignspeculator.com/?p=2290#comment-1169 Just for the record Mike, I find your blog quite well written and have read ALL your posts. In fact, the first time I found your blog, I was so intrigued that I went through all the posts in one go. It is not my intention to engage in uncivil debate and I certainly do not intend to offend anyone. That said, it was you who started the analyzing my "emotions" so naturally I felt obligated to respond in kind. If you wish to block all conversation not aligned with your line of thinking, please feel free to block me. It is your blog after all. Just for the record Mike, I find your blog quite well written and have read ALL your posts. In fact, the first time I found your blog, I was so intrigued that I went through all the posts in one go. It is not my intention to engage in uncivil debate and I certainly do not intend to offend anyone.

That said, it was you who started the analyzing my “emotions” so naturally I felt obligated to respond in kind. If you wish to block all conversation not aligned with your line of thinking, please feel free to block me. It is your blog after all.

]]> By: Mike http://sovereignspeculator.com/2009/01/26/mish-takes-schiff-to-the-cleaners/#comment-1168 Mike Tue, 27 Jan 2009 13:03:34 +0000 http://sovereignspeculator.com/?p=2290#comment-1168 Dogmatism is one thing, but rudeness is another. If you can't extend a little respect, you're going to find yourself blocked. It is clear that you have barely even read this blog, but are just here to fight. If that is the case, you are not welcome. I gladly debate hyperinflationists and Keynesians, but not jerks. Dogmatism is one thing, but rudeness is another. If you can’t extend a little respect, you’re going to find yourself blocked. It is clear that you have barely even read this blog, but are just here to fight. If that is the case, you are not welcome.

I gladly debate hyperinflationists and Keynesians, but not jerks.

]]> By: GG http://sovereignspeculator.com/2009/01/26/mish-takes-schiff-to-the-cleaners/#comment-1167 GG Tue, 27 Jan 2009 11:33:41 +0000 http://sovereignspeculator.com/?p=2290#comment-1167 "I have to treat it like any other asset." & "I don’t see a need for gold to trade so out of whack with all other hard assets." That's an enormous level of ignorance we're dealing with here. Sorry to break this to you Mike - but you don't nearly know enough to be handling your own money, let alone others'. (BTW, I sense a vested interest in preaching the continuance of the regime of irredeemable currency). "I already have 25% of assets in it" That 25%, if physical and NOT in the possession of a third party, is the only thing you may have left. You're too caught up in the fiat money casino world. The theater is on fire and instead of heading for the exits you're sitting smack in the middle of it. Time is running out my friend. Unlike you, I am not "hanging on" or hoping or praying for ANYTHING and I don't have any "thesis" to sell. I just KNOW what's gonna happen. Saying "I told you so" is one of my favorite pastimes. I made my money, I am fishing and IT IS THAT EASY - only if you REALLY know your stuff. “I have to treat it like any other asset.” &
“I don’t see a need for gold to trade so out of whack with all other hard assets.”

That’s an enormous level of ignorance we’re dealing with here. Sorry to break this to you Mike - but you don’t nearly know enough to be handling your own money, let alone others’. (BTW, I sense a vested interest in preaching the continuance of the regime of irredeemable currency).

“I already have 25% of assets in it”

That 25%, if physical and NOT in the possession of a third party, is the only thing you may have left. You’re too caught up in the fiat money casino world. The theater is on fire and instead of heading for the exits you’re sitting smack in the middle of it. Time is running out my friend. Unlike you, I am not “hanging on” or hoping or praying for ANYTHING and I don’t have any “thesis” to sell. I just KNOW what’s gonna happen. Saying “I told you so” is one of my favorite pastimes. I made my money, I am fishing and IT IS THAT EASY - only if you REALLY know your stuff.

]]> By: Mike http://sovereignspeculator.com/2009/01/26/mish-takes-schiff-to-the-cleaners/#comment-1166 Mike Mon, 26 Jan 2009 22:27:34 +0000 http://sovereignspeculator.com/?p=2290#comment-1166 Yes, it certainly should do well in the long run. I just think there is still too much steam built up in the market, though. Too many people love gold and are counting on it, and this is not a good sign. I love gold too, but I'm trying to be agnostic and keep my cool, so I have to treat it like any other asset. If currencies really start to fail, almost any hard asset will do. I'd as soon take grain futures, provided the commodities bourses hold up. I don't see a need for gold to trade so out of whack with all other hard assets -- a premium, yes, but almost equal with platinum and 20-25X the oil price? Trust me, I get it, and I will load up if I'm right and gold falls, but I already have 25% of assets in it! Yes, it certainly should do well in the long run. I just think there is still too much steam built up in the market, though. Too many people love gold and are counting on it, and this is not a good sign. I love gold too, but I’m trying to be agnostic and keep my cool, so I have to treat it like any other asset.

If currencies really start to fail, almost any hard asset will do. I’d as soon take grain futures, provided the commodities bourses hold up. I don’t see a need for gold to trade so out of whack with all other hard assets — a premium, yes, but almost equal with platinum and 20-25X the oil price?

Trust me, I get it, and I will load up if I’m right and gold falls, but I already have 25% of assets in it!

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