Peter Schiff Predicts Gold Going To $2,000 Next Year
Unabashedly, Peter Schiff predicts that gold is going $2,000 in a recent interview with Bloomberg. It seems he is going out on a limb. But, I can’t help but agree.
There is nothing to be scared about when it comes to run-of-the-mill price corrections, as we’ve seen in gold and silver.
Though gold still does not have the luster one would expect considering the Fed pace of bond buying, Peter Schiff is not afraid to predict the next leg up. In the meantime, however, and despite that the Federal Reserve has made it perfectly clear it plans to continue printing, there has been no change in the direction of the gold price, with gold sinking to $1,315 at the beginning of this week.
For two years, gold has consolidated. This is common in stocks: along the path of a secular bull market, the price corrects. This can take quite some time.
Still, people like Schiff believe in the future of gold. Schiff believes bullion will reverse its 21 percent year-to-date decline and surge 52 percent to reach a record of $2,000 an ounce within a year.
Schiff says he would be amazed if the dollar didn’t collapse by the end of the Obama’s term in 2017.
“I’m waiting for the dollar crash, I’m waiting for the real crisis to hit that I know will benefit gold,” Schiff told Bloomberg. “The longer it takes, the longer I have to wait for that payday. But the longer it takes, the bigger that payday is going to be.”
When that time comes, there can be no doubt where the price of gold is going.
The Fed should also “hold to our obligation to only do that as demand does strengthen in the United States,” he said. “Those are the things that we can do and we must do, should do.”