Pellicano Articles
Stocks Plummet as Market Wakes Up to “Real Crisis,” Says Peter Schiff Posted Apr 27, 2010 04:39pm EDT Fear of a sovereign debt crisis in Europe resurfaced Tuesday, sending stocks tumbling around the globe. In the US the Dow shed 213 points and the S&P lost 28 points. Meanwhile, gold rose to its highest level in 2 weeks, hitting 65 per ounce at its intraday peak. In other words, today was a great day for Peter Schiff, president of Euro Pacific Capital. “A lot of people were confused they thought the market going up was somehow ratifying what the government had done that the stimulus and bailouts were good and the economy was improving it’s not,” Schiff says. “The economy is in worse shape than in 2008.” Rather than resolved the crisis, all we’ve done is papered over problems in the banking system with “phony accounting” and “dug ourselves deeper into debt,” says Schiff, a longtime deficit hawk. The crisis of 2008 was merely the “overture” to the “real crisis” Schiff (still) sees coming: “The real crisis is going to be a currency crisis, a funding crisis, a sovereign debt crisis and that’s when we have to pay the piper,” he says. “We’re in very bad shape. Sovereign credit risk in the US is just as great — if not greater than [in] Greece.” Even the most casual watchers of financial media know that Schiff has been saying much of the same thing for a long time now. Clearly, the US stock market and the dollar have fared better in the past year than Schiff expected (at least …
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Posted in Stocks · May 7th, 2010 · Comments (21)
Good for Stocks, Better for Gold: Bernanke's "Stuck at Zero," Michael Pento Says Yahoo Tech Ticker – Feb 12, 2010 12:50pm EST by Peter Gorenstein Once again, Beijing's efforts to cool their red hot economy are causing a sell-off on Wall Street. For the second time in a month, China said it would require banks to increase reserve levels thereby curtailing lending. The news quickly killed Thursday's one-day rally and once again raised concerns the recent market sell-off is in its early stages. "The global economy is slowing," says Michael Pento, chief market strategist with Delta Global Advisors, pointing to stagnant commodity prices. "That's why I think, we're having a double-dip recession here in the United States and a slowdown, unlike what the IMF predicts, a slowdown in global GDP." Though it's a near term headwind, Pento believes that economic weakness could actually spark a rally later this year, once the market realizes Federal Reserve Chairman Ben Bernanke, contrary to recent posturing, will keep rates "stuck at zero." Low rates will kill off the dollar rally and "be positive, in nominal terms, for the major averages," says a confident Pento. But, if you want to make real money, Pento suggests buying hard assets and precious metals, namely gold. He tells Aaron in this clip, he plans to buy back half of the precious metals assets he sold in November, once Bernanke re-starts quantitative easing in the second half of the year. If you are an equity buyer Pento recommends pennwest Energy Trust and Chilean fertilizer maker, SQM.
Tags: bank, Banking, bullion, Celente, coins, commodities, crash, creation, daughty, dave, Depression, Devaluation, dollar, doom, economy, edward, federal, fiat, Gerald, Gold, griffin, guru, investment, James, Jim, Keiser, Market, Max, Metals, Michael, mogambo, money, Morgan, Paul, Pento, Peter, Precious, recession, reserve, richard, Rogers, Ron, Schiff, silver, sinclair, Stock, store, turk
Posted in Stocks · February 14th, 2010 · Comments (3)