Oh boy, I think Abigail Doolittle just secured herself a position in the next Peter Schiff "I told you so" video. She laughs when Peter says gold is going thousands of dollars higher.
In a mild defense of Abigail, I think she is talking short-term and the Fed has been slowing money growth substantially, so we could see a pretty significant drop in the gold price here, short-term.
Long term,though, Peter's very bullish call is going to be the winner, once the Fed and the ECB start aggressive printing.
Abigail never laugh at Peter when you are being videotaped. It will come back to haunt you.
(ht Joe Nelson)
I'm no expert at TA, but when she talked about how we might see a repeat of 2008 where we might see a 30% decline after a descending pointy triangle, doesn't the chart actually show an INCREASE of 30%, not a DECREASE. The price clearly went up
ReplyDeleteOctober of 2008 was during the economic collapse. Find some commodity that didn't fall in value in that period. People were holding dollars or putting their cash in gov't bonds. Keynsians never put their trends in perspective it seems.
ReplyDeleteThis is not 2008 when no one was hedged for all out disaster and those that had gold had to sell to cover margin calls else where. The elites that know what is going on are scared to death more so than even 2008, which is why gold will not decline very much if any from here. Anyone that has studied even the smallest amount of economic history knows that gold and silver are the monetary assets you want to hold when you beleive that the potential financial ruin lies on the horizon. Globally things are very, very bad and getting worse. The risk for government/political insanity is very high.
ReplyDeleteIn the chart she showed it did go down, but was followed by a 4 year run of going up and up. She kind of left that part out. I laughed out loud at the end when the analyst was asked if she ever bought gold and she confirmed Schiff's suspicions that she never had.
ReplyDeleteHa, of course she never bought gold before, clueless as she is. And don't forget silver could end up being the new gold as every day people won't be able to afford gold as it goes up.
ReplyDeletehttp://silver-investment.net/
Schiff: "The Republicans are right, we need a gold standard."
ReplyDeleteHuh? The republicans want a gold standard? Since when?
Peter often makes the foolish mistake of defending Republicans. I'm not sure if it's because he may wish to enter politics again in the future or whether he doesn't want to scare conservatives and Republicans away from his radio program which I happen to pay a monthly fee to listen to commercial free.
DeleteHe wants to be Rand Paul's treasury secretary.
DeleteCome on guys are you so behind with the news?
Deletehttp://lmgtfy.com/?q=Republican+gold+standard
Peter Schiff doesn't necessarily defend Republicans. He quotes their rhetoric and then shows how they are lying hypocrites. He recently ripped Paul Ryan a new one in both radio and print.
ReplyDeletePeter Schiff is a good guy, but he is, vis a vis the Republican Party, a sell-out. He had Gary Johnson on his program recently (I'm no fan of him either) and Peter said (virtually) to his face, that while he's voting for Gary, if the election in his home state were to be close, he'd throw in with Romney. Gary looked even more pathetic by not responding to that absurdity (and insult). Regardless of whatever else he says, Peter is a lesser-of-two-evils guy, clearly.
ReplyDeleteDoolittle has shut down her site Peaktheories.com - go and read her work it is terrible. She said FB was going to rally from $25 to $45. Gold was going to crash to $1100 from $1500. Oil was going to crash to $68 from 77. DELL was her top pick on CNBC in May @$16, its $10. She posted in June that FCX was going to drop from $35 5o $5, but it went to $41.
ReplyDeleteThis lady is possibly the worst TA I have ever seen. I can see why she shut her site, I think it was embarrasing her.
Abigail was one of the more attractive ones to watch, right or wrong. And I would not put much stock in any TA on the planet - listen to them all you want but in the end you have to make up your own mind. They are all wrong most of the time. I think she got it right as much as any of the others.
ReplyDeleteOK, it's a year later. turns out she was right.
ReplyDeleteI guess Abigail gets the last laugh!
ReplyDeleteAbigail pwned Shiff
ReplyDelete