Despite the constant drumbeat of geopolitical turmoil, gold, which investors often buy in times of uncertainty, has fallen 6 percent from its March highs. But even with the sell-off, bullion's biggest gold bug isn't throwing in the towel anytime soon.
In an interview with "Futures Now," Euro Pacific Capital CEO Peter Schiff said gold is poised for a big move higher, and the catalyst could come as soon as this week with the release of second-quarter GDP and FOMC statement.
"I think Q2 is going to be the high-water mark for the year," Schiff said, referring to tomorrow's GDP report. "I think it's all downhill from here. We might not even get a 3 percent [GDP], we might get less than that. And that can be bullish for gold."
Schiff said the recent spate of soft GDP data is evidence that the economy can't seem to grow at an acceptable pace, this despite the Fed's best efforts to stimulate the economy. And according to Schiff, once investors realize that the Fed's policies have failed, they will dump stocks and buy gold.
"The stock market will collapse. The housing market will collapse," Schiff said.
Still, this isn't the first time Schiff has made such dire predictions, and with the exception of the 2008 crash, none has come to bear. But even though his calls for calamity have yet to materialize, his bullish bets on gold have paid off. Gold has posted positive returns in 11 of the past 12 years and is up more than 6 percent year-to-date. In fact, until recently, the precious metal had outpaced the S&P 500 in 2014.
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"If you've been calling for a rise in the price of gold, you've been right every year except one," Schiff said in response to critics' calling his views a broken record.
Schiff also said that tomorrow's FOMC statement, where the Fed is expected to continue its reduction in its bond-buying program, could provide a boost for gold.
Schiff said, "They're going to continue to deny the growing inflation problem because there's nothing they can do about it."
—By CNBC's Amanda Diaz.
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