Just because you bought gold on his recommendation and it went down he is an idiot ??
You had better wake up... and fast. No investment is immune from going the wrong direction. If that were so there would not be two sides of any market, and everybody would be a millionaire.
Peter Schiff cleary lays out his case in his books, and it makes perfect sense. When will it happen. Nobody knows. Just like nobody knew when the stock market would bottom, and nobody knows whet it will run outta steam on it's current run.
Gold investments are long term investents. We are approx. half way through a 18 year commodity bull market. Gold has far outperformed the S&P over the last 9 years since the commodity bull market began. Perhaps you would have done will to be so smart to get on board years ago. However, there is still time, just don't expect gold to perform while there is a correction going on... like there has been for the last year.
Good luck to you whatever you do, but Peter is no dummy.