Tags: Schiff | gold | 5000 | dollar

Peter Schiff: Gold Headed to $5,000 Within 2 Years

Sunday, 28 Oct 2012 12:27 PM

By Dan Weil

Massive global monetary easing and out-of-control government spending will send gold soaring almost threefold in the next two years — to $5,000 an ounce, says Peter Schiff, CEO of Euro Pacific Capital.

“I think gold is going to go up against all currencies,” he tells CNBC. “Central banks around the world are being too loose.”

Spot gold slumped to a seven-month low of $1,698.39 Wednesday, but that’s not going to last long, Schiff says.

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"One day we're going to look back at $1,700 with nostalgia. People are going to be shocked at how inexpensive gold was when it could be snapped up for such a bargain price."

Meanwhile, the United States has a dollar crisis and hyperinflation to look forward to, Schiff says. "We're going to have a real crisis of confidence."

The U.S. Dollar Index, which measures the greenback’s value against six other major currencies “is going to be cut in half at a minimum,” he says. “If we don’t change our policies, the Dollar Index could go much lower.”

The index has risen 5 percent over the last year.

Schiff’s views adhere closely to those of hedge fund titan David Einhorn, who heads Greenlight Capital.

Einhorn is disgusted with the Federal Reserve’s accommodative policy. “It seems as if nothing will stop the money printing,” he writes in a letter to investors obtained by Dealbreaker.com.

“A large allocation to gold still seems like a very good idea.”

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