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Peter Schiff 4h
Treasury Sec. thinks that cutting payroll taxes now won't lead to lower Social Security benefits later. While nominal benefits may be maintained, replacing payroll taxes with a printing press will accelerate the collapse of the purchasing power of those benefits.
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Peter Schiff 7h
Replying to @wsheap @barrysilbert
My original assessment of bitcoin remains valid regardless of how big the bubble got before it popped. It still looks like the price peaked in Dec of 2017 at near $20K. Until it takes that high out, you can't prove me wrong.
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Peter Schiff 7h
I am not cherry picking the dates. I'm using the dates the Drop Gold campaign actual ran on TV. The point is those ads are about to run again. Last time they did it did not work out well for most people who dropped and bought or GBTC. That's my only point.
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Peter Schiff 8h
I am only talking about people who bought , or specifically GBTC, during the time period the Drop Gold ads were running on TV. Most are down on GBTC, and more importantly missed out on huge gains in .
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Peter Schiff 8h
Replying to @dggabber @barrysilbert
Yes people who bought below the high lost less. So what? Very few people who dropped and bought after seeing those ads are up on the trade. Most are down big.
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Peter Schiff 8h
Barry did not clear it up. He pumped the price of Bitcoin just as the TV ad campaign started. By the time investors reacted to the ads and bought, they paid much higher prices. GBTC rose to 17.40 a month after the ads began, and traded above Friday's close for the next 4 months.
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Peter Schiff 8h
Yes, that is the price when the pump started. Very few investors bought in at that price. Look at the average price of GBTC during the time period the ads ran. I will bet you that most investors who purchased GBTC as a result of your TV ads are losing money as of Friday's close.
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Peter Schiff 8h
Actually urged investors to drop and buy GBTC, his Trust. The TV ad campaign began in May 2019, and if you bought the high price in June, you're down 25%. Since that date gold is still up over 50%. I hope investors won't follow this bad advice again.
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Peter Schiff 8h
Since the Drop Gold campaign was launched my gold fund is up over 95%. Investors did much better buying my fund than they did buying GBTC, which is down 25% since its June 2019 highs.
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Peter Schiff 8h
Just stating the facts. Something you bugs can't handle.
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Peter Schiff 8h
Grayscale is about to run another TV ad campaign duping investors into buying . Since urged investors to drop the price is up 60%. If you did, and bought Bitcoin, not only did you miss the gains in gold, but you're down as much as 16% on Bitcoin. Ouch!
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Peter Schiff 9h
How are all the tenants not paying rent because their landlords can't evict them going to pay what they owe when the moratorium ends? How are workers not paying payroll taxes going to pay what they owe when the deferral period ends? The money is being spent; it's not being saved.
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Peter Schiff 9h
Replying to @vitaminstrel
Highly unlikely. Hodlers will be very disappointed, as well as very broke.
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Peter Schiff 9h
The contention that enthusiasm for gold has reached a feverish pitch is absurd. Very few people are actually buying. If we were still having cocktail parties no one would be discussing it. This will change in a few years when the gold price is much higher.
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Peter Schiff 24h
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Peter Schiff Aug 8
Pres. dared Dems to challenge his unconstitutional order as they would be suing to prevent people from getting money. His strategy may work, but it will backfire. Since no Republicans will file suit, will have card blanche to issue any orders he wants.
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Peter Schiff Aug 8
I did't. But in case some didn't realize it, this should be the wake up call.
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Peter Schiff Aug 8
If thinks he can do whatever he wants by executive order, where are the executive orders to cut government spending? The President has shown his true colors. He is not a conservative. He only pretends to be one to pander to his base. Trump loves big government.
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Peter Schiff Aug 8
The U.S. Constitution grants all legislative authority to Congress. The President proposes, Congress disposes. Even grammar school kids once knew that. 's action is legislation disguised as an executive order. We're witnesses the further collapse of our Republic.
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Peter Schiff Aug 8
Pres. has accused the Congress of obstruction. But that is precisely what Congress was designed to do. The problem is that over the years Congress has not obstructed enough. We have a system of checks and balances. An executive order can't circumvent the law!
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