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

  Comment  |
   Contact  |
  Print  
|  A   A  
  Copy Shortlink
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.

Editor's Note: Get David Skarica's Gold Stock Adviser — Click Here Now!

"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.”

Editor's Note: Get David Skarica's Gold Stock Adviser — Click Here Now!

© 2014 Moneynews. All rights reserved.

  Comment  |
   Contact  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Hans Parisis: Winds of War Over Oil, Currency Make for Interesting Times

Friday, 28 Nov 2014 16:59 PM

Next year will be challenging year for the markets everywhere and where one big “Black Swan” event, which is a metaphor  . . .

Black Friday Shopping Crowds Thin After Thanksgiving Rush

Friday, 28 Nov 2014 13:11 PM

Mall crowds were relatively thin early on Black Friday in a sign of what has become the new normal in U.S. holiday shopp . . .

Oil Seen in New Era as OPEC Won't Yield to US Shale

Friday, 28 Nov 2014 11:24 AM

OPEC's decision to cede no ground to rival producers underscored the price war in the crude market and the challenge to  . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved