Would you say that they were simply early on their prescient call, since stocks did stage a huge rally starting in March 2003 ?
Except Schiff (and a few others) weren’t simply contrarians or grasping at straws. They were observing fundamental macro-economic trends and were bearish on RE as a long-term investment.
In your example I would say they were wrong, as your supposed rally in 2003 was more an artifact of inflation than anything. Priced in gold or oil equities have been in a bear market since at least 2000.
