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Buy Gold, Peter Schiff Says: U.S. Dollar a 'Bottomless Pit,' Treasuries a 'Sucker's

• Peter Gorenstein via
Stocks were soaring midday Thursday on the back of strong earnings from blue chips Caterpillar, 3M, UPS and AT&T.

It’s not likely Peter Schiff president of Euro Pacific Capital is taking part. Schiff tells Tech ticker he isn’t as negative on stocks as he was a few years back when he correctly predicted the market meltdown. “I don’t think there’s any dramatic rally coming in the near term,” he says. “[But] I don’t think there’s going to be a catastrophic decline either. I think the Fed will create enough inflation to create a nominal floor beneath stock prices.”

At the heart of Schiff’s critique is a strong belief the U.S. dollar “is a bottomless pit” that will continue the long-term trend of losing value vs. gold and other major currencies. “I think the 'real' [i.e. inflation-adjusted] value of U.S. stocks is going to plunge based on the horrific monetary and fiscal policies being pursued by the Federal Reserve, Congress and President Obama,” he says in this clip.

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