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Gold Bug Profile: Peter Schiff

JP Buntinx
April 22, 2020

Of all the gold bugs still alive on the planet today, Peter Schiff has to be the most prominent figure. He has very strong opinions on gold, as well as other financial markets and assets. Not all of those thoughts and comments go over well with the broader audience, however.

Peter Schiff the Businessman

Everyone involved in financial markets today has some background in the industry. In the case of Peter Schiff, that is no different. He has built up a solid reputation across various segments of the financial sector, including stock brokerage.

Following that stint, Schiff – together with a partner – acquired a brokerage firm and rebranded it to Euro Pacific Capital. The business was moved across the US several times, and now has offices across different locations. Its main point of focus is securities and non-US markets. 

Peter Schiff is also a founder of the Euro Pacific Bank, a full reserve banking outfit in St. Vincent and the Grenadines. It was later relocated to San Juan, Puerto Rico, where it remains operational today.

Speaking of founding units, Schiff is also operating a precious metals dealer outfit in Manhattan. Initially known as Euro Pacific Precious Metals, LLC, it now goes by the name of SchiffGold. This business is primarily tied to gold and other precious metals, which have become synonymous with Peter Schiff’s name over the years.

Peter Schiff the Gold Bug

It is worth noting that Peter Schiff, while notoriously bullish on gold, also favors silver as an investment option. While its price point is much lower compared to the world’s leading precious metal, it is evident that there is room for upward momentum.

Most people see Peter Schiff as a gold bug, however. It is his core belief that both gold and silver will effectively protect investors against the ongoing inflation affecting the US Dollar. Due to the recent stimulus packages introduced in the US, it seems that such investment options will only become more important as time progresses. 

Schiff is also credited with introducing the first 100% physically backed gold and silver accounts integrated with the debit card system used around the world. Many other service providers have tried to explore this option since, as it turned out to be a relatively popular business model.  

Peter Schiff the Bitcoin Non-Believer

Despite paying very close attention to investment options such as gold and silver, Peter Schiff isn’t optimistic about Bitcoin and other cryptocurrencies. In fact, he considers Bitcoin to be akin to the tulip mania bubble, rather than an alternative to gold and other precious metals.

At its core, this opinion is neither right nor wrong. Gold and silver have built up a solid reputation over decades of time. Bitcoin only exists for 11 years, thus it shouldn’t be thrown in the same mix as gold or silver right now. Once it builds up a similar reputation, the overall outlook on this asset may change. 

Peter Schiff Quotes to Take Note of

With such a vast expertise in the financial industry, it is normal that Peter Schiff has some very interesting opinions regarding matters. He has issued a lot of noteworthy quotes over the years, including this one:

“At some point, the dollar has to give. You can’t just keep printing money, and monetizing debt, and buying bonds, without the dollar imploding.”

While the printing of dollars is still ongoing today, it is evident that this particular vision may come true a lot sooner than originally expected.  

Another quote by Peter Schiff pertaining to personal wealth is the following: 

“People should have an escape valve for their money, their assets. If you have substantial financial assets, the government is going to confiscate the purchasing power of those assets and spend it.”

That escape valve may very well come in the form of gold and other precious metals. Assuming that is the case, the value of gold may change significantly. Assuming that is the case, the following Peter Schiff quote may come into play as well: 

“One day we’re going to look back at $1,700 with nostalgia. People are going to be shocked at how inexpensive gold was when it could be snapped up for such a bargain price.”

There is still a lot of momentum left in the tank for gold and silver, that much is certain.

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