Among the cavalcade of gold bulls to recently grace Tech Ticker's stage, David Tice is something of a centrist.
Gold will hit at least $3000 per ounce before the current rally ends says Tice, Federated's chief portfolio strategist for bear markets. The forecast falls roughly in between Peter Schiff's $5000 per ounce call and Jimmy Rogers' forecast of $2000.
With gold hitting yet another new high of $1064 Tuesday and bullish sentiment for the metal soaring, Tice is wary about the potential for a short-term reversal in the dollar down-gold up trend.
"We certainly could have a pullback," he says. "However, we believe this rally in gold is going to on for a long time."
As with Schiff, Rogers and pretty much everyone else these days, Tice is concerned about the "debasing" of the U.S. dollar and our reliance on foreigners to fund the deficit.
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But Tice is frustrated that policymakers appear to be trying to prop up a "dysfunctional system" rather than using the crisis as an opportunity to "reset" the U.S. economy.
"We need to get away from a consumption-based economy," Tice says. "Yes, it's going to be tough [and] accompanied by very bad economic statistics and a lot of unemployment. Yes it's going to be painful [but] we cannot simply continue to have foreigners or the Fed buy our Treasuries, agencies and mortgage-backed securities, etc. We have no real choice."
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You can't friggin eat gold, folks. Show me a restaraunt or food store that will give me food for gold,LOL. What a sham the entire "precious metals" marktet is.
ReplyDeleteI just laugh when I see all the predictions about gold and silver.....if you can't eat it then what's the point? MORONS
You can eat gold just fine, it's been done for centuries:
ReplyDeletehttp://www.blurtit.com/q331561.html
Who's the moron now?
plenty of stupid above. With my GOLD and SILVER I will BUY the restaurant and fire your dishwasher assed job out the back door. Great sham since my $350 gold in 1999 and $4 Silver. i would have lost it all in the markets by now. Some people are born dumb and it lasts all the way until they die
ReplyDeleteWow, that first poster is truly a congenital idiot. Maybe he uses greenbacks for his dinner salad. Or on a positive note , perhaps his greenbacks will one day have a dual utility - 1) dinner salad and 2) toilet paper.
ReplyDeleteIntellect is directly correlated to the flow of blood to the brain, as every woman knows.
ReplyDeleteDear 10:25, please come to my restaurant, I will gladly take PMs for your meal based on spot market pricing.
ReplyDeleteHow's that hope and change working for you?
I'm late to the game. I wanted to buy silver at $16 but I was advised to sit it out and wait because a "correction" would be coming before the next run up.
ReplyDeleteNow it's getting close to $18. Buying the silver isn't the problem. Just not sure when or how much to buy. I've already been working on the food, water end of things.
11:19...don't worry, be happy. It's good you have greenbacks to buy silver, but I would keep the greenbacks, at least you will be able to buy food when the SHTF....nobody will want your silver or gold since nobody will know what it is, see? all other posters try to lead you down wrong path.......you will hand someone a silver half dollar, and guess what? You get 50 cents of food, for a coin you paid at least 10x money for, HOW IS THAT FOR A ROI OTHER IDIOT POSTERS? Not good in my book. Or even a $50 gold double eagle, you spent over a thousand on? HAHA explain that idiot posters who think you can eat pm's???????????
ReplyDelete11:19 - I bought a substantial amount of silver in the summer of 2008 at about $15. I should have bought a lot more when Ampex had Buffalos at $12.80 right around Xmas time 2008.
ReplyDeleteThe bottom line on silver is that we are all cheap asses and it bugs us to buy at $17 or whatever and we'd rather get it a $12. If a bullfrog had wings he wouldn't bump his ass.
Anything this side of $20 is a buy. I am buying more and don't care if it goes back to $12 or whatever. Why? Because I have researched it for many hours and believe it will see $75 or more an ounce spot in 2010. It is a screaming buy.
11:19
ReplyDeleteI highly recommend buying silver. I have plenty of silver myself and couldn't be happier with it.
Never listen to people who tell you to keep your money in fiat currency. Leave yourself 2 months worth of paper money and dump the rest in silver or other precious metals. People WILL trade silver for food. Silver and gold will get you almost everything when the collapse happens.
I am not hungry for my $700 gold and $9.00 silver. I think I'll just "SIT" on it, and watch you eat.
ReplyDeleteOnce you get hungry, let me know, I may have a deal for you.
It won't be. Not even boobs can save a poorly run place like Hooters. Greaseball food and corny compliments only go so far. Of the three that opened here, two are already gone.
ReplyDeleteAs for Gold, it is 100x better than going fiat, but silver is a much better move. Plus the lower value per coin makes for an easier trade/purchase after the fall.
The only bitch about silver is the sheer bulk of it. A box of 500 ounces is like a heavy barbell. Plus you have to hide it. Protect it from the possibility of a fire; it will melt in an intense fire. (note- a broken refrigerator works great as a cheap fire safe).
Nothing is a more beautiful site than a silver coin. Real intrinsic value.
If you want to try and reach a friend about what is coming, carry a silver coin and a 100 trillion dollar Zimbabwe bank note ($8 on Ebay). Easy to explain to even the most die hard bank lover out there what happens to ALL fiat currencies. They die. There are NO exceptions historically. The USA is on its third fiat currency already. Of course the first two completely failed.
Don't share stories of your food stores, water, or PMs. After the collapse people you would never expect will be coming for them. To kill you to get at them if they have the means.
ReplyDeletePreparation is a humbling experience. You are doing something extremely logical and rational but to the sheeple you come across like Noah lol.
You have to have faith in YOURSELF and your judgment. Disregard others irrational behavior. Go against the grain. Think for yourself. Protect yourself.
Don't get sucked into the materialistic crap. Two years from now you won't care if you are driving a Porsche or an AMC Rambler. Actually, you will. You will be much safer in the Rambler. You will be concerned about feeding yourself when FEMA uses executive orders to close all food outlets. You will gladly trade that Porsche for a week's groceries.
Let all the others walk into the fan blades - you walk the other way and stay safe.
Heads up. Stay healthy and independent. One morning you might wake up to an incident to initiate SHTF. Instead of panicking and running in circles you are ready, you have your ducks in a row.
Once again NOBODY can explain why you won't get more than face value for your "precious" coins, who is DUMB enough to pay 15$ for a silver dollar, which by the way is only 90% silver to begin with?
ReplyDeleteAGain, the silence is deafening from lack of credible posters who know I am right!!
Gold eagle worth $50, what a joke, if it was worth so much they would give it at least $500 face value, but even the mint know better than stupid consumer does
2:19 we love stupid people like you on this blog. It really shows the bottom of the barrel of humanity. It keeps us alive and laughing. Its not like OIL is worth $75 a barrel, rhodium that went to 10,000, or the stock market at 10,000. Are you stating all these figures I just stated are just not worth a penny? What do "mongoloids" eat anyway, soft food like mashed and stuff?
ReplyDeleteHahahahah! Great stuff, but an insult to be compared to mongoloids. For the mongloids that is .... :)
ReplyDeleteI just hope this is just a troll/heckler and that she isn't this dumb. I might have to drive next to something this stupid someday.
My gold is up 2.5x now from my purchase point. My silver is up 1.25x. What a great feeling it is to own something real and just abandon the stress and fraud of the stock market. Never have to worry about the coming bank closures and dollar collapse.
ReplyDeleteLife is not so bad. It could be worse.
Friend of mine went to Europe for a vacation. He brought along some fractional ounce gold coins. At a B&B he approached the proprietor about accepting gold coins for his stay. The value of the coins was less than the lodging costs. The proprietor checked the price of gold and accepted the coins as payment.
ReplyDeleteI think in Europe they understand the value and power that gold can possess.
It's fun to read some of these comments; now please let me get my my 'TWO' cents in.
ReplyDeleteAt one time the U.S. Dollar was backed with both silver and gold: for every banknote issued, it had the backing of those two precious metals. Gold and silver have been the only recognised form of wealth for over five thousand years, it has stood the test of the ages.
Today, the British Currency is worthless, yet at one time it was the Pound Sterling that the entire world accepted in exchange for goods and merchandise.... In the 1950s, it was the turn of the Almighty U.S. Dollar. The Dollar now is just printed linen paper. The United States is in hock up to its eyeballs. If the Chinese call in their loans, they can't be repaid, therefore the Chinese will have to take over all of the U.S.Ports and roads in partial payment; they will be able to levy taxes on every import and export and place tolls on every road.
At this time in November 2009, once ounce of gold is really worth $15,000, and if silver reverts back to its historical ratio of sixteen to one, it would be worth approximately $930 a Troy ounce.
During the years 1921 and 1922, the German Deutsche Mark became worthless, it cost over a BILLION Marks to buy a loaf of bread. The scum of Eastern Europe swept in like locusts armed with dollars sent to them by their relatives living in the United States, primarily in New York. They were able to buy homes for four dollars and a small farm of forty acres, including the house for ten dollars. The Germans became beggars in their own Country.
The fate of the Germans in the 1920s might not happen here, but would anyone go out in a small boat on a stormy sea without a life vest? It's better to be safe than VERY sorry.