Peter Schiff to Larry Swedroe: You're the Broken Clock on Gold

DISTRUSTING THE GOLD TRADE: A RESPONSE

By Peter Schiff

In an article entitled "Ignore the 'buy gold now' crowd" on CBS MoneyWatch this Monday, columnist and equities analyst Larry Swedroe criticizes forecasters who remain bullish on gold despite its monumental decade-long run.

He links to an interview in which I forecast that gold will rise above $5,000/oz before this bull market ends. Unsourced, Swedroe modifies my prediction to $2,300/oz by the end of 2013. While I typically forecast overall market direction rather than timing, I'm fairly comfortable with the words Swedroe put in my mouth. I believe gold will continue to rise and close 2013 significantly higher than present levels, and I'm invested accordingly. What I find most disconcerting in Swedroe's piece is everything that follows. He goes on to question both a) investment forecasting as a practice and b) gold as an asset in general.

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Peter Schiff is CEO of Euro Pacific Precious Metals, a gold and silver dealer selling reputable, well-known bullion coins and bars at competitive prices. He publishes Peter Schiff's Gold Letter, a monthly newsletter featuring his latest gold and silver market news and analysis. For updates throughout the month, he has just introduced Peter Schiff's Official Gold Blog.