Peter Schiff

So I got into the brokerage business in the 1990s and I was a stockbroker.

But I also wanted my clients to own gold.

I wasn't in the gold business at the time, but I believed that everybody should have some of their portfolio in gold.

And so that's when I started recommending it.

And so it's outperformed by a pretty big margin.

The S&P 500, Dow Jones, going back to the beginning of this century, 2000, 2001, if you were to price the Dow in terms of gold, it's down about 70%.

Against gold.

Yeah.

I mean, so there's an illusion that, oh, you know, we have all this prosperity because in the year 2000, the Dow was about 10,000 and now it's almost 50,000, right?

So that's a big gain when you price it in dollars that have lost a lot of their purchasing power.

But when you price it in gold and realize that, hey, gold was 300 back then and now it's 4,300, right?

The gold, it took, I think, 45 years

ounces of gold to buy the Dow.

And I forget what it is now, maybe 16 or 13.

You can buy a lot more of the Dow now than you could back then.

So what that shows you is that the gain in the stock market

is inflation it's not real value that's been created in the market we've just destroyed the value of the currency that we use to price things in right and so you need more dollars to buy stocks but you don't need more gold you could buy stocks with a lot less gold because gold is real money government can't just create gold they can't create inflation and and create gold out of thin air like they do uh federal reserve notes paper dollars

You know, originally, the dollar in 1792 was defined as a weight of gold.

I mean, that's really what the dollar was.

It was a specific quantity of gold or silver.