Thursday, July 28, 2016

Gold on this bull market leg can far exceed previous highs

I think this is a new leg of the gold bull market. I mean, gold’s been in a secular bull market since 2000. 

We had a cyclical bear market that I believe ended when the Fed hiked rates in December. And now we have the new leg of this bull market, which I think potentially could be an even bigger leg than the first leg, which saw gold go from sub-300 to close to 2,000. So, if this leg is bigger than that you can just imagine how high the price might go.

Tuesday, July 26, 2016

Stocks are not going up in terms of real money which is Gold

I did this same panel last year, and I wasn’t bearish that the US stock market would go way down, because I believed the Federal Reserve would prevent that from happening by keeping interest rates low and by printing a lot of money, and that’s really what’s been happening.

Even though the Dow is at new high today, it’s at what? – a two- to three-year low if you price it in real money, which is gold. So stocks are not going up. The value of money is going down and gold proves that.

We still have a tremendous price that needs to be paid for the mistakes of the past. Even if we correct those mistakes in the future, we still are going to have a day of reckoning. And that day of reckoning is going to evolve a much lower US dollar and a much higher gold price.

Peter Schiff is a smart investor and author of several best selling books. He correctly predicted the economic meltdown of 2008 - 2009

Wednesday, July 20, 2016

We could see negative interest rates in USA

What hurt gold up until this year was the widespread consensus that interest rates were heading a lot higher, that the Fed was going to normalize monetary policy and that its balance sheet was going to shrink, that the Federal Reserve was actually going to become a seller of US Treasuries. Now, I’ve known all along that wasn’t going to happen.

In fact, the Fed hasn’t sold a Treasury at all. The balance sheet continues to grow as they reinvest all of their interest and maturing principle. But I believe now people are starting to realize that all the anticipated rate hikes are never going to materialize – that the Fed’s tightening cycle is already over.

The next move for the Fed is to cut rates, not to raise them again. I think we might actually go negative this time. I think QE4 is going to be bigger than QE 1, 2, and 3 combined. And so I think gold is not only going to retest the highs from 2011 when it was close to $1,900, but it’s going to surpass those highs and move into the much higher territory.

Monday, July 18, 2016

Recession is going to start very quickly and its going to be worse than the last one

As the recession progresses we are going to see layoffs start.......................

Peter Schiff is a smart investor and author of several best selling books. He correctly predicted the economic meltdown of 2008 - 2009

Monday, July 11, 2016

Goldmoney acquires Schiff Gold

Goldmoney Inc.(XAU) ("Goldmoney"), a financial technology company, which operates a global, full-reserve and gold-based financial network, is pleased to announce that the Company has entered into an Acquisition Agreement to acquire Schiff Gold Inc. ("SGI") and form a marketing and service agreement with Peter Schiff. SGI is a private, U.S.-based dealer in precious metals (formerly launched in 2010 as Euro Pacific Precious Metals), one of the largest and fastest growing retail gold dealers, and services a large client base with buy and sell orders for precious metals, storage and vaulting arrangement, and gold & silver IRA arrangement services. Upon closing of the transaction, the Company will also enter into a Marketing and Service agreement with Peter Schiff, where Mr. Schiff will integrate and endorse Goldmoney services for clients and subscribers across various companies and media platforms.

The acquisition of Schiff Gold is expected to add significant revenue and increase the Company's gross profit and free cash flow generation. In 2015 alone, Schiff Gold sold over $125 million1 in precious metals, generated $2.8 million1 of gross profit and paid cash distributions of $0.975 million1 to its shareholders. Goldmoney believes there to be cost savings derived from the business combination that should result in additional operative leverage and margin expansion at the Schiff Gold business. As an example, the present Schiff Gold business generates its sales through wire transfer deposits and invests very little in marketing. Additional financial information relating to the existing gold business will be released upon closing.

"Peter is the LeBron James of the gold market with hundreds of thousands of trusted followers and an unrivaled track record in predicting some of the most important macroeconomic events of the last 20 years. Following an initially heated public debate in March, Peter and I struck a private friendship. Through in-person meetings and many thoughtful conversations it became clear to both Peter and I that we shared the same vision and goals, that Peter was motivated by the same mission that guided us, and that his business and brand could be better leveraged using the Goldmoney technology. I am extremely excited to be welcoming Peter to the Goldmoney tent and I believe his millions of followers will be much better monetized through a platform that can economically service a global user base with no minimums, superior technology, and multiple deposit and redemption options. We will unveil the full combination strategy at closing," said Roy Sebag.

"I'm thrilled to be joining the Goldmoney team," said Peter Schiff. "For my entire career I have sold gold to high net worth individuals looking to incorporate precious metals into otherwise diversified investment portfolios. While the vast majority of investors have yet to make such an important allocation shift, its average individuals who actually have the most to gain by utilizing the protection of gold for day to day savings of income. The Goldmoney platform provides this utility, simple and transparent access to the best possible defense against theft by inflation. Technology is providing more choice and easier access to everything, and the hope is that market forces will compel central banks to provide a more competitive product and put the brakes on run-away-inflationism and the asset-bubble economics that is undermining living stands world-wide."

"We are excited to welcome Peter Schiff as an important stakeholder and advocate of the Goldmoney mission to democratize access to gold," said Josh Crumb, Chief Strategy Officer. "Roy and I are grateful for the growing support and confidence among the gold community, and look forward to Peter's thought leadership and collaboration with Goldmoney stakeholders James Turk, Eric Sprott, Albert Friedberg, John Butler, Alasdair Macleod, Stefan Wieler, and our many notable shareholders."

The transaction has been structured as a joint venture between Peter Schiff and Goldmoney, with a consulting agreement between Goldmoney and Euro Pacific Asset Management LLC. The joint venture will be issued 1,063,000 common shares of Goldmoney with a deemed value of $5,315,000 (equivalent to CAD $5.00 per share), as well as 1,400,000 common share purchase warrants ("Warrants") as follows: (i) 700,000 Warrants exercisable at CAD $5.00 per share for a period of 10 years; (ii) 350,000 warrants exercisable at CAD $5.25 per share for a period of ten years; and (iii) 350,000 warrants exercisable at CAD $5.80 per share for a period of ten years. Peter Schiff will have the right to be distributed the Goldmoney securities by the joint venture.

The first 700,000 common shares of the 1,063,000 shares are subject to one-third automatic releases on each of the first, second and third anniversaries of the closing. All of the above-noted 1,400,000 Warrants and the remaining 363,000 common shares are subject to performance vesting over a three-year period in accordance with performance criteria under a consulting agreement to be entered into between Goldmoney and Euro Pacific Asset Management LLC. Pursuant to the consulting agreement, Euro Pacific Asset Management LLC will provide strategic development, product development, branding and marketing services to Goldmoney. Euro Pacific Asset Management LLC shall be paid fees equal to 50% of the distributable income from Schiff Gold Inc. with a minimum term of twenty years. For a period of five years after the twentieth anniversary of closing, Goldmoney shall have the right, but not the obligation, to terminate the consulting agreement in consideration for a payment equal to the average of distributable income over the prior five years.