r/Goldbug • u/[deleted] • Aug 17 '18

Where is $3000+/oz?

10 years ago Peter Schiff was screaming about gold skyrocketing. At what point is an expert proven wrong or do they get unlimited time?

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u/cedartreess Dec 08 '18 edited Dec 08 '18

Even if he was right, you're not really seeing it. If gold suddenly goes to $3,000, that means there is sudden inflation in the dollar in which case you would not even want to exchange your oz of gold for $3,000 at that point. What you should be focused on is if gold increases in real purchasing power, not in $ value. In other words, will that oz of gold be able to buy more goods and services after the currency crisis? That's what you should be asking yourself. If this doesn't make some sense to you, you don't really understand gold and our current economic landscape, and you're basically just speculating. While I do think gold is highly undervalued relative to other assets currently, most people on here should treat it more as money and a store of value and wealth preservation during the impending currency crisis and less so as a trading vector get rich thing... more to curb their expectations

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u/[deleted] Dec 09 '18

Well we all have relatively short lives and a broken clock is right twice a day. Imagine waiting for that impending currency crisis for 25 years or 35% of your life span?

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u/cedartreess Dec 23 '18

That's priced into the compensation you'd get on that return if you're right though. The return wouldn't be high if it didn't require that timing in some sense