Once investors 'wake up to reality,' gold will soar: Schiff
While some people follow popular opinion, others wait for popular opinion to come to them. Peter Schiff is certainly in the latter camp.
As the market continues to find its way around obstacles large and small, the CEO of Euro Pacific Capital continues to predict a wave of oncoming crises.
"It's a monetary problem we have. We have a dollar crisis coming, a bond market collapse coming," Schiff said on Thursday's "Futures Now."
He believes that debt will force the U.S. to print a great deal of money, causing a nightmare scenario for the U.S. dollar and the bond market. That's why he advises getting into gold.
After all, if the government prints more money, then the value of each dollar will drop. That means that it will take more of those dollars to buy a single bar of gold.
So with bond and dollar crises looming, "Gold is going to be a safe haven for all of that," Schiff said. "The fundamentals are fantastic."
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Indeed, Schiff believes it will get so bad that he calls government seizure of gold "a possibility," even if not a terribly likely one.
So where will gold end the year?
While Schiff declined to call for an exact price, he is extremely confident on his directional call.
"I think it will end the year higher than it is today, and I think it's ultimately going a lot higher," Schiff said.
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For Schiff, the only remaining question is "when people are going to wake up to the reality of the problems the dollar faces, and the U.S. economy, and the bond market."
"Right now, my view is a very, very minority view—very few people agree with me," Schiff said. "By the time that the majority agrees with me—and they will eventually—the gold price is going to be up in the stratosphere."