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Gold-bug Peter Schiff has admitted he could have made a lot more money over the last decade if he had focused his investing on high-performing stocks instead of gold.
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The problem is right now U.S. stocks are extremely expensive and historically, it's very dangerous to overpay for stocks,” Schiff said, adding that gold is “actually very cheap historically.”
Schiff broadcasting his radio show from Washington, D.C. in March 2013. Prior to the 2007–2008 financial crisis, Schiff frequently appeared on CNBC, Fox News and Bloomberg to voice his opinions on the US economy and financial markets. However, after the financial crisis, his bookings dropped by 75 to 85% on these networks.
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Schiff is predicting a phenomenon known as “de-dollarization” — when countries shift away from the greenback as a reserve currency, medium of exchange or unit of account.
Peter Schiff, president of Euro Pacific Capital, argued that if the bonds in the Bear Stearns funds were auctioned on the open market, much weaker values would be plainly revealed. Schiff added, "This would force other hedge funds to similarly mark down the value of their holdings.
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