Money manager Peter Schiff says, “I think when they start to try to reflate the assets in stocks, real estate and in bonds, they are just going to prick the dollar bubble, and that’s when we have a real crisis. . . . The dollar is going to collapse, and America’s days of living beyond its means is going to come to an end.”
On gold, Schiff says, “I think this is the calm before the storm. People don’t really perceive it. Maybe it’s like the Wile E. Coyote who has just run off a cliff, and he just hasn’t looked down yet. He doesn’t realize where he’s standing. . . . Gold shorts are going to lose an incredible amount of money. That’s probably one of the most foolish things you can do. There are a lot of great things out there to short. Gold is the last thing you should be shorting. For central banks, gold is the safest reserve asset. It’s the only asset that is not somebody else’s liability. . . . I think the world is going back to gold. . . . $5,000, $10,000 (per ounce) who knows how high it’s going to go. There is no real ceiling on the price of gold because there is no floor to the value of the dollar and other fiat currency. . . . Gold is going to skyrocket.”
And silver? Schiff says, “Look at last time. Silver went up to $50 per ounce from $3 to $4 an ounce in 2000-2001. Gold went to $1,900 per ounce, but silver went to $50 per ounce. It was a much bigger percentage gain. . . . If I am right about gold going to $5,000 to $10,000 (per ounce), I am sure the percentage gain in silver will be even bigger.”
Join Greg Hunter as he goes One-on-One with money manager Peter Schiff, founder of Euro Pacific Capital and Schiff Gold.