People Who Own Treasuries are Going to Lose a Lot of Money-Peter Schiff
Schiff thinks the real reason why the federal government is suing the S&P rating agency is because it downgraded U.S. Treasuries last year. Schiff says, “The reason why they’re being sued is not only because of what they did but to send a message to the other ratings agencies that you better not downgrade U.S. Treasuries.” Schiff predicts, “People who own Treasuries are going to lose a lot of money.” Join Greg Hunter as he goes One-on-One with Peter Schiff of Euro Pacific Precious Metals.
Coincidentally, I just adjusted my mom’s investment portfolio last night and I dumped 85% of all her treasury holdings.
I’ve done really well for her so far and I hope I made the right call. I also suggest that others move out of treasury holdings and find their way into whatever investment they can which focuses on precious metals, multinational corps that focus on emergent markets or foreign corps that do the same and perhaps even agriculture.
Disclosure: I personally have zero investments outside options and preferred shares in the firms I work for/with and some physical gold and silver. I stopped trading in 2007 and I liquidated all holdings in November of 2007. I got out at the perfect time, not that I was a genius or an oracle, because I felt uncomfortable by the growth rate of the market. Thankfully, I’m not a greedy weasel.