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Schiff makes case for gold, but Gartman not buying it

Peter Schiff, the CEO of Euro Pacific Capital, is one of gold's biggest proponents; Dennis Gartman, the editor of "The Gartman Letter" who is sometimes called "The Commodities King," refuses to buy the metal in U.S. dollar terms.

So who will be proven right?

On Tuesday's "Futures Now," the two gold experts debated the issue directly.

"Most people on Wall Street were very impressed by [the jobs numbers] yet the price of gold did not surrender any of the gains in the previous week," Schiff pointed out.

"So to me, we're consolidating those gains, we're putting in a very formidable bottom in gold. We still have all of the naysayers, the Goldman Sachs, Societe Generale, all these guys that were negative calling for $1,100, $1,000, they're digging in their heels, they're just as bearish as they were at the beginning of the year despite the fact that they've been wrong for six months. So you have a lot of negativity, but I think the technical picture is improving rapidly for gold."

Read More These 3 charts tell you to buy gold: Top technician

From left: Peter Schiff and Dennis Gartman
Getty Images; Adam Jeffery | CNBC
From left: Peter Schiff and Dennis Gartman

Meanwhile, Schiff remains especially bearish on the U.S. dollar, believing that it will be devalued by the Federal Reserve's policies, despite the fact that this prediction has not yet played out. But for Gartman, the dollar doesn't have a great chance of losing value against the euro.

"Peter's talking about the fact that the United States is going to continue to destroy the U.S. dollar," Gartman said. "But we also had the ECB [or European Central Bank] come out and tell us last week that it will, in fact, be expanding reserves. I think you're better off being long of gold in euro terms than you are being long of gold in dollar terms for the foreseeable future."

"You know I would disagree," Schiff responded. "I think that the dollar has much further to go down relative to the euro. As bad as things are in euro-land, they're worse in the United States. And I think we are going to push the envelope much farther than the Europeans…. The Fed will do nothing to contain inflation. That is not going to be the case in Europe."

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For his part, Marc Faber, the editor of the "Gloom, Boom & Doom Report," partially agrees with both Gartman and Schiff. While he believes everyone must own gold, he also thinks the euro will sink against the dollar.

"I hold some U.S. dollars, and I really can't see how the euro would strengthen a lot against the U.S. dollar," Faber said earlier in the show. "It may strengthen somewhat, but not a lot, because if the euro strengthens meaningfully, they're going to print as well in Europe, the same in Japan and so forth. So for that reason, I own gold."

"We're all doomed!" Faber added.

Read MoreMarc Faber: The asset bubble has begun to burst

—By CNBC's Alex Rosenberg

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