Is gold a valuable asset or a shiny relic from the past? That question reflects not just different opinions about a particular investment but a fundamental conflict in financial views.
Schiff, CEO of Euro Pacific Capital, is a well-known lover of gold—and its horrific plunge on Monday didn't change his mind one bit. Instead, he viewed it as a buying opportunity.
(Read More: Gold Settles Up After Prior-Session Plunge)
"I've been buying gold for about 12 years now," Schiff said. "I always buy more when the price is declining, because I'm confident that the price is going to continue to rise."
So what will drive it higher?
"These paper currencies are losing value, and people are going to look for a store of value," Schiff said. To him, that store of value will be gold.