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Next recession will be more severe than the last, says Peter Schiff

Kitco News

(Kitco News) - As the Fed expands their balance sheet in the form of “unofficial” quantitative easing, inflation will rise, which will push gold prices up said Peter Schiff, CEO of Euro Pacific Capital.

“I think the price of gold is going up next year, so I want to own it, but I don’t know how much is going to go up, but I do believe that once we really start to take off, gold can go from $1,500 to $2,000 very quickly,” Schiff told Kitco News.

“The fact that the curve has inverted I don’t think means that the recession has been avoided. Maybe it’s been delayed a little bit, and typically when you have recessions, the yield curves will normalize prior to the recession,” he said.

Schiff said that we are still headed for a recession and that it will be more “severe” than the last one.

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