Tags: Schiff | US | Dollar | Gold

Schiff: US Dollar is a Disaster, so Buy Gold

By    |   Thursday, 06 Oct 2011 07:47 AM

The continuing buildup of U.S. government debt will devalue the dollar, and the best alternative is gold, says Peter Schiff, CEO of Euro Pacific Capital.

That is something of a contrarian view, given the euro’s 8 percent decline against the dollar since Aug. 29 and gold’s 14 percent drop since Aug. 22.

But Schiff tells Yahoo, “The best thing to have is gold. Gold is real money. Everything else is merely a substitute.”

Selecting a currency to invest now amounts to choosing the lesser of evils, he says.
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“But if you’re going to be in a currency, there are a lot of fiat currencies out there that I think are a lot less flawed than the dollar. . . . The dollar has been the Titanic."

schiff200.jpg
Peter Schiff
(Getty Images photo)
Even the euro looks better, Schiff says. That’s because Europe is now facing up to its fiscal crisis, while the United States just keeps on building up debt, led by the Federal Reserve, he says.

“People are writing obituaries for the euro. It’s premature," Schiff says.

His favorite currencies are now the Australian dollar, the Canadian dollar, the Swiss franc, the Norwegian krone, and the Singapore dollar.

Many experts say Europe will have to do more to solve its debt crisis before the euro rebounds.

“We just need to know that there’s a bold policy response that European policy makers are willing to take to avert a meltdown,” Mark McCormick, a currency strategist at Brown Brothers Harriman, tells Bloomberg.”

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The continuing buildup of U.S. government debt will devalue the dollar, and the best alternative is gold, says Peter Schiff, CEO of Euro Pacific Capital. That is something of a contrarian view, given the euro s 8 percent decline against the dollar since Aug. 29 and gold s...
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2011-47-06
Thursday, 06 Oct 2011 07:47 AM
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