I need help. I'm going through this severe "I'm completely and utterly in love with Peter Schiff" phase, so I know that my judgement is not the best. So basically, I'm here looking for an uninterested, unbiased opinion on whether I should open an account with EuroPac or if he's just another sweet-talking salesman. Or maybe there are other similar brokers out there who just happen to be better.
But seriously though, I've heard him throwing words like Rothbard around nonchalantly so I feel pretty safe that he's not completely full of it.
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What interest rate is he talking about? Can he beat what you'd be able to do on your own? Where is Euro Pacific investing right now?
Opening an account is not something to be taken lightly, ask for more information and then think about it.
I read Schiff's books. I follow an investment strategy similar to his. I don't have a Euro Pacific Capital account.
If you are new to investing and want someone to guide your hand then get an account with them. If you do your homework and follow his advice you can easily invest in foreign markets via a global etrade account or similar brokerage firm. As for investing in gold, you could some day buy coins from EPC if they setup their planned gold retail division, or you could buy gold certificates from Perth through them. You could also put your cash in www.goldmoney.com or buy bullion from www.apmex.com
Be aware that Schiff is very bullish on China. Keep in mind that China is now experiencing massive double digit monetary inflation. As per Mises, this inflation will some day result in a bust. Schiff claims that this isn't that big of a problem because China has the production to back up the monetary inflation. I would be careful if investing in China. I don't directly invest in China. I invest in China via the back door - that is - Canada.
From his website:
Most brokerage firms do not even provide access to foreign stocks, while others restrict access to a few securities. Worse yet, access is typically limited to trading through domestic market makers.Most foreign listed companies also trade in the U.S. on the Pink Sheets using five-letter symbols ending in "f," or through over-the-counter ADRs, with five-letter symbols ending in "y." Rather than enriching market makers, Euro Pacific Capital gives you an alternative. Have your foreign trades executed directly on foreign exchanges, cut out the market maker, and keep the savings for yourself. Do you know if this applies to the etrade account you mentioned? free paradigm blog ::: free paradigm on youtube | Post Points: 5
Do you know if this applies to the etrade account you mentioned?
Never put all your eggs in one basket.
If you like Schiff and his ideas then read his books and follow his advice. I recommend placing a fraction of your money under his care and the rest under the care of someone else. That way if he is wrong, I do not believe he is in general, and you lose with his stuff then you can rely on the other stuff. Also keep in mind that it is easy to understand trends and difficult to get the timing right. For example gold buyers are being scared by the sudden drop in price. Is this a long or a short term thing? I say short but what do I know?
A good method is to divide up your money like a pie and then put the parts in different places. Then on a schedule re-allocate the parts to where you think they will do the most good but never go below 2 or 3 slices.
I'm interested in joining Euro Pac because of the claim that you can invest in foreign stocks a lot cheaper. I plan on choosing the stocks myself, partly based on what he says and partly based on what others say. I'm asking about the superiority of his brokerage in terms of buying my own stocks, not investing in a mutual fund. Does that makes sense?
demosthenes: I'm interested in joining Euro Pac because of the claim that you can invest in foreign stocks a lot cheaper. I plan on choosing the stocks myself, partly based on what he says and partly based on what others say. I'm asking about the superiority of his brokerage in terms of buying my own stocks, not investing in a mutual fund. Does that makes sense?
EuroPacific requires a minimum investment of 10,000 dollars, keep that in mind.
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Damn, well I guess that gives me at least a few more months to make a decision. You think that that's something they'd make a little more obvious on the webpage. I guess this discredits anything Schiff has ever said. :(
demosthenes: Damn, well I guess that gives me at least a few more months to make a decision. You think that that's something they'd make a little more obvious on the webpage. I guess this discredits anything Schiff has ever said. :(
You can do as others have suggested here, make investments on your own. It sounds a bit scary doesn't it? I personally have nothing to recommend, no time or money for investing. My total savings is at 44 dollars, 8 months of unemployment will do that to you! Haha.
I don't see how this discredits anything schiff has said. I forget why but there was a reason he could only accept at least $10,000- he was complaining about some government regulation or something like that on freedom watch with judge napolitano.
I'm actually pretty close to the mandatory minimum they demand, but I damn sure don't feel comfortable throwing that much at one firm. This is great though, my decision on this matter has been made for me.
If you're nervous about investing in stocks, don't. Whatever cash you invest in stocks you should be willing to either keep it locked in for 5 years (if the mkt goes down, waiting for it to recover) or be willing to take at least a 25% loss if the market does take a turn for the worst.
Buy some books by Jim rogers. Understand what you're investing in. Take responsibility for your own investment decisions. When you buy a handful of stocks you have the opportunity to make even better gains than if you bought a mutual fund. Mutual fund managers have to make money or their fund performs bad and they loose money. Therefore, those managers have to chase the market. You on the other hand can hunt and buy when others are selling.
So I take it that you recommend A Bull In China?
Any non-Schiff/Rogers stuff you can recommend?
Have you noticed the close connection between Rogers and Schiff? They both have the same outlook. Europac beats most other houses just by not being Keynesian like they are, but the real question is whether stocks per se are a good place to be at the moment.
auctionguy10: I don't see how this discredits anything schiff has said. I forget why but there was a reason he could only accept at least $10,000- he was complaining about some government regulation or something like that on freedom watch with judge napolitano.
demosthenes: Any non-Schiff/Rogers stuff you can recommend?
Yeah, I was listening about that on Lew Rockwell's podcast the other day.
I'm not a strictly stocks guy, or strictly anything really. I've only recently decided to start investing, and used half of my savings to invest in physical silver. I looking to use the rest of my savings to invest in cash-flow vehicles. Dividends and real-estate are the only two that jump out at me, with real-estate being the much more daunting vehicle.
Marko:I`m fairly sure it`s because he can`t diversify less than a certain amount properly. So it would be invested in an unbalanced way and it could reflect badly on him.
That and every broker has a minimum that depends on the amount of work he is willing to do for a given fee. He doesn't want to be making peanuts on a trade.
Demosthenes,
Going through exactly the same thing myself!! My view is probably twisted too finding Peter such a fascinating chap. So I have been nervous to invest.
The more I read about the market and Peter's advice with a lot of account holders, the more I think that whatever he recommends, if the timings off its off and that's it! It doesn't appear he has great timing on his picks from a lot of the posts I read either. A couple of his latest I've been given are way up already (prior to him recommending) and that always makes me nervous.
When you couple in the last 6 months, when just about anyone has seen paper rises in the major stock markets, it gets even harder to make a decision as to whether they are a good choice.
Fees are apparently around 3% which is a lot compared to the likes of TD Waterhouse (international) if you are picking your own. What I guess your paying for is his team's stock picks.
Being a great economist who sees most of the angles, doesn't necessarily translate through to a great stock picker and those who talk about him being a buy and hold long term advocate may have a good point, but when he talks so much about conservative high yielding stocks being his forte, it's a little hard to then accept stock falls of 50%+ which I read many have endured. Penny, off the planet high riskers are not after all, what we are meant to be buying into here with Europac!!
I think the question depends in part on your goals for your account. If you want something with a high degree of relative safety (i.e. safe unless the US collapses - which it will) then Europac is probably a bad idea. If you will need to money soon, I'd stay away. My Europac account is a very long-term investment, something I believe will pay off in the very long term, but on a week to week basis performance varies widely.
By the way, some might wish to look into his foreign policy ideas.
my brother opened an account with europacific he started out by buying $5000 in gold and it was some time before he invested any additional money. You may want to speak with some one from his firm. You may find you can get started for less than $10000