Skip to search.

Peter Schiff: 'Opportunity of a Lifetime' in Gold, Intl. Assets -- Not U.S. Stocks

Posted Nov 21, 2008 04:39pm EST by Aaron Task in Investing, Commodities
Related: ^dji, ^gspc, GLD, EWH, EWA, EWS, UDN

The stock market's staged another wild ride Friday before ending sharply higher on news Timothy Geithner will be named Obama's Treasury Secretary.

As stocks "reflated" Friday, so too did gold, which appears to be reemerging from its slumber.

The precious metal rallied $51, or 6.9%, to $800 per ounce Friday, and investors can expected "much bigger moves ahead" for gold, says Peter Schiff, president of Euro Pacific Capital.

A longtime gold bull, Schiff believes the dollar's "phony" rally will soon end. To his credit, Schiff admits being caught off guard by the greenback's recent bounce, but believes efforts by global central bankers to fight the credit crunch will lead to devalued currencies, and higher commodity prices. (To his greater credit, Schiff has gotten a lot of things right in recent years, unlike most others.)

Gold's recent slump — it remains more than 20% below its summer highs — is partially due to the "massive margin call" hitting U.S. financial firms, Schiff surmises. That process has created the "opportunity of a lifetime" in foreign stocks, currencies, and commodities, says the author and noted bear.

But it's not too late to sell U.S. stocks, which Schiff believes have another 5 to 10 years of bear market action ahead as America struggles to come out from under a mountain of debt.

Go to Tech Ticker
196 votes|Recommend this

There are no comments yet

Post a comment

Sign in to post a comment, or Sign up for a free account.
Quotes delayed, except where indicated otherwise. Delay times are 15 mins for NASDAQ, NYSE and Amex. See also delay times for other exchanges.

Quotes and other information supplied by independent providers identified on the Yahoo! Finance partner page. Quotes are updated automatically, but will be turned off after 25 minutes of inactivity. Quotes are delayed at least 15 minutes for NASDAQ, NYSE and Amex. See also delay times for other exchanges. Real-Time continuous streaming quotes are available through our premium service. You may turn streaming quotes on or off. Fundamental company data provided by Capital IQ. Financials data provided by Edgar Online. Historical chart data and daily updates provided by Commodity Systems, Inc. (CSI). International historical chart data, daily updates, fund summary, fund performance, dividend data and Morningstar Index data provided by Morningstar, Inc. Analyst estimates data provided by Thomson Financial Network. All data provided by Thomson Financial Network is based solely upon research information provided by third party analysts. Yahoo! has not reviewed, and in no way endorses the validity of such data. Yahoo! and ThomsonFN shall not be liable for any actions taken in reliance thereon. All information provided "as is" for informational purposes only, not intended for trading purposes or advice. Neither Yahoo! nor any of independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. By accessing the Yahoo! site, you agree not to redistribute the information found therein.