Gold Has Yet To See Its Greatest Rally Play Out: Peter Schiff

In its first trading week of the new year, gold prices are ‘encouraging,’ this according to uber gold bull and CEO of the advisory firm, Euro Pacific Capital, Peter Schiff. According to Schiff, the best of the metal is yet to come. ‘Gold will see new highs and the biggest leg of the gold bubble market -- which really began in 1999 with gold below $300 – the next leg will be the biggest leg.’ Speaking with Kitco News, Schiff explained his reasoning for gold’s lackluster performance in the past three years, saying it was driven by the ‘false belief’ ‘that the U.S. Fed had engineered a ‘legitimate economic recovery of the United States’ and that higher interest rates would be supportive of the dollar and detrimental to the price of gold. ‘All this is wrong,’ he said, adding that, ‘all the Fed did was inflate a gigantic bubble which may have already popped.’ Schiff added that he foresees rate cuts, not rate hikes, and a fourth round of quantitative easing is not out of the question. ‘I think it is an inevitability that we are going to see and I do think it is likely that it will start in 2016. [I]f we have a negative fourth quarter, there is a good chance we will probably will have a negative first quarter, which puts the U.S. officially back in recession. And what will Fed do in an election year? They will pull out all the monetary stops.’ Kitco News, January 5, 2015. (show less)

In its first trading week of the new year, gold prices are ‘encouraging,’ this according to uber gold bull and CEO of the advisory firm, Euro Pacific Capital, Peter Schiff. According to Schiff, the best of the metal is yet to come. ‘Gold will see new highs and the biggest leg of the gold bubble market -- which really began in 1999 with gold below $300 – the next leg will be the biggest leg.’ Speaking with Kitco News, Schiff explained his reasoning for gold’s ... (read more)

Disclaimer: The content on this website, including, without limitation, news, videos, interviews and commentaries, is provided by Kitco Metals Inc. ("Kitco") for informational purposes only and is not intended as any form of advice, whether legal, accounting, investment, financial or tax advice. Therefore, it cannot be relied upon as such. Should you require such advice, contact a licensed professional. The content provided herein is provided on an "as is" basis without any warranty of any kind, whether express or implied and your use of the information provided in said content is entirely at your own risk. In no event will Kitco be held liable for any indirect, special, incidental, or consequential damages arising out of the use of the content on this website.