Gone Broke

President of Euro Pacific Capital on Gold and the Dollar

I've been following Peter Schiff for some time now and while he has been ever so right about how things are going to fall apart, he has not been so right about how it will all play out. Anyone following his advice before things fell apart is in a lot of pain. For those that do not know, Peter's advice was to get out of dollar assets and invest in foreign stocks. Somehow, Peter missed the pattern that when USA stocks go down, so do all other stocks. So ... you would take a hit on the currency (because the dollar went up, not down) and then also a hit on the stocks going down, so you take a double hit (like 70%). I just wish Schiff would admit that he missed something and move on instead of insisting he was right (when he was not and it hurt people) and that all he needs is more time. Perhaps with time things will turn around, but if and when they do, those that followed Peter will at best get back to where they were before things fell apart. And at the moment, even that seems unlikely. I know, as I followed his advice. Happy New Year Everyone!