Did Peter Schiff predicted the DOW to be at 8000?

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Submitted by jimmyle on October 8, 2008 - 3:30pm

I remember seeing a video of Peter Schiff discussing about this on youtube but couldn't find it again. Of course, I didn't think it could happen but now it seems like it might get under 8000 soon.

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Peter Schiff has repeatedly
Submitted by hipmatt on October 8, 2008 - 5:03pm.

Peter Schiff has repeatedly predicted that the DOW jones index will be at some point soon worth 1 oz of gold. A recent example he gave was the dow will be at 5000, as will 1 oz of gold. He cites that 2x in the past it has happened before.

I now believe we shall see
Submitted by stockstradr on October 8, 2008 - 9:01pm.

I now believe we shall see DOW 8000 before this is all over, but that could take as much as five years to hit those lows, OR it could happen next week!

My guess is that we see DOW 8000 sometime in the first 3 qtrs of next year.

LOL! Two days later! The
Submitted by CA renter on October 11, 2008 - 12:09am.

LOL! Two days later!

The declines have been rather breathtaking, no?

I guess we can all
Submitted by peterb on October 11, 2008 - 9:30am.

I guess we can all recalculate our DOW guesses now. 8000 was the resistance line on Friday. But I think this is looking more like a 5000 to 7000 market when it's all said and done. The earnings season coming up is going to be a real heartbreaker and the unemployment figures will only solidify the logic that we're headed into a depression. When that sinks into the market....look out below!! Over correction could take us into the 6000. I made a pile on puts last week. With this coming bounce I will be reloading for the xmas season. Oh, how I love this down turn!!!! Stevie Wonder coulda seen this one coming.

I'm pretty sure he didn't
Submitted by HereWeGo on October 11, 2008 - 5:11pm.

I'm pretty sure he didn't predict EEV to be pushing 200.

Schiff's an ok guy, he did
Submitted by peterb on October 11, 2008 - 7:04pm.

Schiff's an ok guy, he did call bubble a while back. But he really blew it with his decoupling theory. And when he was called on it, he had such a lame answer I had laugh for at least 5 minutes. He's pretty much a generalist at best.

Well, Schiff may still be
Submitted by kewp on October 11, 2008 - 7:14pm.

Well, Schiff may still be right on the decoupling theory. Something like that isn't going to happen overnight.

If the rest of the world recovers and we sink lower; he'll be vindicated. Personally, I think we are all in this together. In fact, I think the U.S. is better set up to lead the world in a recovery.