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Schiff’s Disciples Out in Force for Christmas

3,465 views · Published 24 December 2018 · 17:02 · Indexed 26 September 2026

Channel: The 2% Brief · 2018 · People & Blogs

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Today is Monday 24th December 2018 and we simply could not let Christmas pass us by without mentioning our close friend Peter Schiff.

The recent falls in Stock Markets and especially the Dow, Nasdaq and S&P 500 have brought Peter Schiff and his Fan Club out in force, and frankly we shake our heads in disbelief.

Even some of our own supporters, listeners and subscribers are producing videos and making comments saying Peter Schiff is being proven right yet again and even though he was wrong for a time – so what! He is right now.

OK let’s address this Peter Schiff phenomenon as bluntly as we can with-out being too insulting as its Christmas after all.
Peter Schiff did call the 2008 Economic collapse – absolutely right – all credit to him – ah hang on wait a minute. Everyone refers to his interviews in 2007/2008 and say – he’s a guru. But let’s not forget – and this is where the internet is useful so you can do your own research without necessarily believing us-  Schiff was making such calls as far back as 2002 and in some cases even earlier. 

Don’t believe us? Well in 2002 when the Nasdaq fell from a peak of 5,000 and stood at 1400 Schiff said its going to fall to and possibly below 500 anytime soon. No, it didn’t - it fell to 1200 and then rose to a peak in August of this year to just above 8,000 and is now standing at a little over 6,300.

At the same time in 2002, the Dow peaked at 9,000 and was beginning to fall and Schiff said that it would collapse to 4,000 or lower – nope it didn’t it went to a little over 7,000 and then again peaked this year just shy of 27,000 and currently stands at just above 22,400.

So for at least 5 years ‘Dr Doom’ as he was appropriately nicknamed was wrong. So much so, that when the collapse did eventually occur, we still have to remind you that despite this collapse, neither the Dow nor the Nasdaq fell to anything like the levels he predicted in 2002. 

In November 2008 a Hedge Fund manager by the name of Todd Sullivan produced an article which instead of heaping praise on this new well publicised financial oracle – actually said what he really thought:

“Now, had you listened to Peter in 2002, 2003, 2004, 2005, 2006 or even 3/4 of 2007, you lost your shirt. Had you placed bets based on Schiff's market calls, you lost everything you wagered…Bottom line? Had you listened to Mr. Schiff at anytime before Oct. 2007, you lost...big. To those who did, there is little consolation in the praise being heaped on him today…….Schiff should not be getting the praise he is getting today for being "so right" after saying the same thing and being "so wrong" for the previous 5 years.”

Since then many of Mr. Schiff's calls have been wrong. In 2008 Schiff predicted gold would hit $2,000 by 2009 and $5,000 by 2013. Well actually it peaked at $1900 in 2011 and has come down ever since to its current level of $1260. 

In 2009 Mr. Schiff also stated "Oil prices had a pretty big run and might not make more headway by the end of the year. But we could see $150 to $200 next year”. Oil never came close to $150.00 to $200.00 a barrel, in fact, in 2010 oil fell in price with an average price in the mid-$70's and currently stands at $45 - $53 depending upon whether you are talking about Brent Crude or WTI.

So is the market correcting – yes it is, but its still higher than it was a year or so ago. Will we have a dollar collapse yes, we probably will, but not now and not yet – other currencies will fail first. What do we foresee then  for the near future – our answer is simple – lower growth – and the danger of a world recession – but much of that is determined by the policies and actions of world Leaders and for now also on the impulsiveness or otherwise of President Trump. Politics does matter.

So, to those who herald the genius of Peter Schiff, we say you are trumpeting the achievements of a forecaster who has been more wrong than right and on multiple occasions. So why would you promote someone like this? We have come up with three possible reasons:

1. You are unable to think for yourself so its easier to quote 
        someone else.
2. You have an inherent need to worship another human being 
        whether he or she is right or wrong.
3. And we hope its not this, You have an agenda to pump 
        precious metals and once again– either intentionally or not to 
        persuade people to go all in

So, beware, and take this message home with you and please never forget it;

Pumping a Pumper is akin to a study in Onanism.

Merry Christmas to you all whether you agree with us or not – and we wish you and even Peter Schiff a Prosperous 2019. 

Please view our latest videos:

Gold and Silver weekly Update – w/e 14th December 2018
https://youtu.be/L-vyVDrHDDs

FED Raises Rates and Reveals Future Strategy - Markets fall in response
https://youtu.be/fY868olUrOY

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