I was reading an article on Bloomberg trying to discredit gold as a long term investment. It points out that gold has been a terrible investment for people who bought it in 1980 and is still holding it. And they went to compare how gold has done over the past 30 years compared to stocks, bonds and checking accounts.
Of course, they conveniently had to pick 1980 as the date of the comparison. And I see this happening all the time. That was the peak of the gold`s market move in the seventies. Why hadn`t they picked 1970 when gold was at 35 USD an ounce? If they had done that they would have very different results.
Peter Schiff`s comments on the economy, stock markets, politics and gold. Schiff is the renowned writer of the bestseller Crash Proof: How to Profit from the Coming Economic Collapse.