The CEO of Euro Pacific Capital and a famous fan of gold, Schiff predicts that it will skyrocket once the Fed reverses the process of tapering quantitative easing and instead chooses to stimulate further so as to improve the economy.
"At some point, gold's going to go straight up like a moonshot," Schiff said on Tuesday's edition of "Futures Now." "Maybe it's going to take Janet Yellen to come out and call off the taper. Or maybe she's going to have to say, 'We're doing more of it, we're going to start increasing it.' I don't know what that magic moment is going to be."
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His call on gold was a good one for several years, before it staged a reversal while Schiff kept his opinion on the metal static. But he blames 2013's 30 percent decline on investors' inability to see the truth he perceives clearly. Because as the Fed buys assets more quickly (the opposite of what the central bank said it plans to do), the inflation Schiff has long called for will finally be created, leading gold to soar.
"For some people, they need a proverbial safe to fall on their head," he said. "But at some point, people are going to figure out what's going on. By the time the crowd figures it out, it's going to be very expensive to buy gold."
Yet when asked how gold would act over the course of 2014, Schiff demurred.
"I don't know where it's going to be at the end of the year," he admitted. "My guess is that it's going to be higher. I think it could be much higher."
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After all, Schiff said, once the new Fed chair turns out to be "an even bigger money printer than Ben Bernanke, who was an even bigger money printer than Alan Greenspan," the consequent inflation will spike gold prices, as the reduced value of each dollar makes each troy ounce of gold much more expensive in dollar terms.
"This is what's coming," he predicted. "And when everybody figures it out, there's only one place to hide—and that's gold."