Those who think we are ANYWHERE NEAR a bubble in gold or silver need to watch the following interview on Fox Biz w/ Peter Schiff. Un-f'ing-believable.
Schiff: Eleven years ago the DOW was worth 43 ounces of gold, now its not even worth 7. And if we get more quantitative easing, that's bad for the economy, and its bad for the REAL value of stocks.
Sure, if we print enough money, prices will go up for stocks, but in REAL terms, in terms of GOLD, the value of US stocks is going to continue to fall. And certainly in terms of other currencies like the Swiss franc, US stocks have nowhere to go but down, and investors have to understand that they need protection from inflation, from The Fed, and from Obama, and they're not going to get that in stocks- they're certainly not going to get it in Treasuries.
Fox Biz Host:
But we're up 75% from the March 2009 low...
Schiff:
Not in terms of gold, we're making new lows!
Fox Biz Genius (yelling):
But I don't spend money in gold! I DON'T BUY MY GROCERIES IN GOLD, I BUY THEM IN DOLLARS!
Equally Genius Co-Guest Chimes In:
It would be interesting to take some gold and try to buy some stuff at Wal-Mart, I'd like to see how that goes.
Genius Fox Biz Host:
We're never going back to gold!
Give us some sanity here. Give me something to buy! I don't wanna buy gold and put it in my SOCK drawer, give me somethin to buy!
Gold is only the BEST returning asset in the past decade (other than silver), currently trading at $1885/oz, and yet it is still guffawed by the MSM as a useless, barbaric relic.
What will it take for the LameStream Media to stop demonizing gold? $10,000/oz? $20,000/oz? $50k/oz?
Watch the full Fox Biz propaganda below
