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Thursday, December 17, 2009

To preserve wealth, invest outside the U. S.

Any investor who wants to preserve or enhance their wealth has to look outside the U.S. The nations and areas of the world I think are the most vibrant now are in Asia -- Hong Kong as well as mainland China. I'm also buying the resource countries like Norway, Australia, and Canada. I own a lot of mining stocks -- principally Canadian companies. I'm also investing in parts of Europe and Latin America.

I think gold stocks relative to the price of gold have underperformed the price of gold for years. If you look at gold, right now it's still better than 10% above its 2008 high. Yet gold stocks are better than 10% below their 2008 high. Silver is still below its 2008 high by more than 10%. So I don't see a lot of speculation, despite what you hear about a bubble in precious metals. I don't see any signs of that all. Yes, the price is going up, but for good reason. I don't see a lot of speculation on the part of the general public.
--from "A Tough Year Ahead for the U.S. Economy?", an interview with Peter Schiff by Jennifer Schonberger.

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