Economist and money manager Peter Schiff says, “Everybody is a long term investor until they need the money. This is a giant Ponzi or pyramid scheme. . . . The only way people can retire from their stock portfolio is to sell shares. . . . Or if everybody is stuck in the same emergency . . . who are you going to sell your shares to? . . . I think this is the most overvalued stock market in history. It’s not the coronavirus. The market was going to go down anyway. . . . It’s not the size of the pin, but the size of the bubble. This is a massive bubble. It finally found a pin.”
Schiff says much bigger gains are coming in both gold and silver because of Fed easy money policies that will not fix the problem of “massive debt.”
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