Repetition of thoughts is at best Mantra, which is a form of hypnosis...

I think peace of mind comes from being able to focus thought and have clarity of thinking. This allows the flow of energy and brings peace. Mind chatter will block the flow of energy, this is something I have experienced.
As for love, it is an individual thing. To suggest that one person has never experienced love, (which is always a subjective, personal experience), is to discount the feelings of another. We cannot know what another person has experienced, and to assume that anothers experience is less than our own, or less than we think it should be, is an exercise in egoism.

Focused thought can at best act as a mantra. The repetition of words over and over and over again can induce hypnosis. Mantra literal translation from sanskrit means 'suggestion'. Hypnosis can certainly help one to relax. It is useful for inducing one to sleep better. It will not help one to become more aware. Mothers know about this from singing lullabys to their children. It helps them to go to sleep. Transcendental meditation (TM) by Maharishi  Mahesh is widely accepted in the West because people are engaged so much with activity that they are unable to sleep properly. It is certainly will bring better health to the body and mind but it won't help in bringing more awareness or one to transcendend the mind. It is neither meditation nor is one able to transcend the mind through using the repetition of thought.   

All the best -*- turiya