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Peter Schiff, More Bullish than Ever on Gold

By: 
Myra P. Saefong
Source: 
MarketWatch
May 15, 2015

“It’s like trying to put out a fire with gasoline. That’s all the Fed has—gasoline,” he said. “And everyone expects the fire to go out. It can’t go out.” In other words, the central bank will continue to print money and gold will keep rising.

Schiff made this exact point about a year ago.

“You need to be long gold and there is going to be a huge payday,” Schiff said. “Ultimately,” gold will see $5,000 an ounce and it “could go higher.”

Though gold has been range bound since about mid-2013, Schiff said the turning point for the metal would be a close above the high it saw in January. Gold futures peaked at around $1,300.70 that month, according to FactSet.

“That’ll change the current dynamic,” Schiff argues.

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