Last year at the Vancouver Resource Investment Conference, Peter Schiff bet Brent Johnson a gold coin that the Fed’s next move would be a rate cut. At this year’s conference, Peter collected his gold coin.
Brent and Peter went on to debate the future of the US dollar. Brent says the dollar will go up this year. Peter thinks it’s going down. Peter put his money where is mouth is and went double or nothing against the dollar.
Peter’s Highlights from the Discussion
“The central bankers are going to continue pursuing this policy as long as they can do it without some type of a crisis that intervenes. But the problem is the longer they do it the worse it’s going to be.”
“I don’t think it can go on that much longer. Decades – no way! I mean, can it go on four more years. Sure.”
“The US market has never been this overvalued, overpriced as far as I’m concerned. You know, people were optimistic in 2000.”
“The market is very, very dangerous. It can easily go down. Trump will tweet as much as he can to try to prop it up. But whether that and the Fed’s printing press is going to be enough, we’ll see.”
“I think the whole fiat system that we have is nearing the end of its life. And the fact that were at these zero percent rates or negative rates, and all the stuff that’s going on is the death knell of this system, which was doomed from the start.”
“I think gold is going to reassert itself as the primary reserve monetary asset in the world for central banks and that threatens the dollar.”
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