Peter Schiff on the Dollar, Yen, Euro, Pound, and Gold

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Eli Neusner Interviews Peter Schiff

President and chief global strategist of Euro Pacific Capital, Peter Schiff has earned a well-deserved reputation for predicting the path of currencies worldwide, as well as forecasting the current meltdown in the global economy, reports Hard Assets Investor.

Schiff spoke recently to the Exchange-Traded Funds Report about the outlook for the US Dollar, other foreign currencies, and Gold Prices.

ETFR: What are the best-positioned currencies?

Peter Schiff: I like the Asian currencies, the Japanese Yen and the Singapore Dollar. In Europe I like the Norwegian Kroner and the Swiss Franc. I also like the New Zealand Dollar and the Australian Dollar. I also favor any currency that’s pegged to the US Dollar, as long as it unpegs in due course.

ETFR: Why don’t you like the US Dollar?

Peter Schiff: We believe the US Dollar is in a major long-term bear market, and as such, recommend keeping exposure to the Dollar at an absolute minimum. All long-term savings and investments should be denominated in select foreign currencies against which we believe the Dollar is likely to fare the worst.

It’s too bad, because the Dollar has been a safe haven for a long time, and the world’s de facto reserve currency. People used to say "What could be safer?" That used to be when the Dollar was backed by a strong, productive, export-based, savings-based economy.

Problem is, that’s no longer the case, and now the Dollar is backed by nothing. The Dollar is strong on a relative basis but it makes no sense. That’s a function of people wanting to own anything, and it’s an aversion to risk without regards to the actual riskiness inherent in the Dollar.

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Peter Schiff is president of Euro Pacific Capital and author of The Little Book of Bull Moves in Bear Markets and Crash Proof: How to Profit from the Coming Economic Collapse.

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