I do think U.S. stocks are very expensive and in fact it does remind me of the 1990`s bubble. And what is happening right now with gold reminds me of what was happening during the dot com bubble.
Remember we had a vicious bear market in Gold from 1996 to 2000. and it was the opposite of the New Economy. Everybody had faith in Alan Greenspan, the Maestro, they believed in the new era and gold got crushed, gold stock got crushed. The Wall Street Journal came out with an article, or the New York Times, "Who needs gold when you have Alan Greenspan?"
Well, we know how badly it ended. Everybody needed Gold, then Gold was up 650 percent in the next 12 years. So I think people are making the same mistake now.
Trading tickers: Newmont Mining (NEM), Barrick Gold (ABX), Goldcorp (GG), NovaGold (NG), Market Vectors Gold Miners ETF (GDX), SPDR Gold Trust ETF (GLD), SPDR S&P 500 Index ETF (SPY)
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
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