But I think what rising gold prices are telling us is that there is a lot of inflation in our future ... As the world stops lending us money, my fear is that rather than making the necessary cuts, the way Europe is trying to do now ... we try to avoid the pain by simply monetizing the deficits; that we just print money; that the Federal Reserve just buys more debt so that the government doesn't have to make the hard choices.
If we don't have the guts to level with voters, and instead we try to print money to avoid that, that's when we have runaway inflation. I think that's what gold is saying. Gold is telling you our politicians are most likely to act in their own interests rather than national interest.
Related ETF`s: SPDR Gold Trust (ETF) (Public, NYSE:GLD) and Market Vectors Gold Miners ETF (Public, NYSE:GDX)
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.
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- What Separates A Rich Country From A Poor Country
- Jack Lew: Germany Needs More Inflation
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