Tags: 2020 Elections | peter schiff | gold | bernie sanders | wins

Peter Schiff: Gold to Hit $2K If Bernie Sanders Wins

By    |   Friday, 31 January 2020 01:36 PM

Investment guru Peter Schiff predicts that gold prices will skyrocket if Democratic presidential candidate Bernie Sanders wins the 2020 election.

“If Sanders becomes president in 2020, the price of gold will be well above $2,000 on the day after election night,” Schiff, the CEO and chief global strategist at Euro Pacific Capital, recently told Fox Business Network.

The precious metal could reach $2,000 before the election if the market decides that Sanders, a Vermont senator and self-described democratic socialist, is going to win, he said.

Spot gold rose 0.8% to $1,586.30 an ounce late Friday  as worries over economic growth due to the fast-spreading coronavirus boosted appetite for safe havens. The metal has gained more than 4% so far this month. U.S. gold futures settled 0.1% lower at $1,587.90.

Meanwhile, Schiff painted a portrait of economic disaster should Sanders win.

“What a Sanders win means is much bigger government deficits, and much more money printing by the Fed because there is no way to finance all of the spending that will happen with tax hikes on the rich,” Schiff said. “We’ll get tax hikes on the rich, but they’re not going to provide the revenue to pay for the programs,” he said.

The U.S. budget deficit will balloon even further under a Sanders presidency.

“There is going to be no Republican opposition to the deficits that would finance the spending because after all, the Republicans didn’t object to record deficits under Trump when the economy was supposedly the greatest ever,” Schiff said.

“The deficits could be three or four trillion dollars a year and the money printing will be off the charts,” he said.“There’s no way the dollar’s reserve status will survive a Sanders presidency,” he warned.

“America is going to be a much, much poorer nation. Our standard of living is going to implode, but the money printing is going to be crazy,” he said.

Meanwhile, White House economic adviser Larry Kudlow took issue with Sanders’ suggestion that he would renegotiate trade deals if he became president and the damage his policies would do to the economy.

Kudlow defended the partial trade deal between the U.S. and China as “historic.”

"I don’t know why anyone would want to re-negotiate a historic trade deal with China, which has never happened before in our history," Kudlow told Fox Business Network's Stuart Varney on Thursday.

"I believe Senator Sanders' essentially socialist policies would do grave damage to the U.S. economy, which is in a boom right now," the veteran financial guru and former Ronald Reagan adviser said.

"I know Senator Sanders, I respect his views, but I have strong disagreements with him across the board on virtually everything," the veteran financial guru and former Ronald Reagan adviser said.

© 2020 Newsmax Finance. All rights reserved.

   
1Like our page
2Share
StreetTalk
Investment guru Peter Schiff predicts that gold prices will skyrocket if Democratic presidential candidate Bernie Sanders wins the 2020 election.
peter schiff, gold, bernie sanders, wins
456
2020-36-31
Friday, 31 January 2020 01:36 PM
Newsmax Media, Inc.
 

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
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved