Gold bug and perma-bear Peter Schiff has a message for all the bears out there: You are wrong!
On CNBC's "Futures Now" recently, Schiff said that Wall Street firms, and Goldman Sachs in particular, which have issued bearish calls on the commodity for some time, are too pessimistic on gold's upside. The investor insisted those firms are missing the big picture when it comes to bullion, due largely to anticipated action from the Federal Reserve that Schiff believes is unlikely to materialize.
"They are still wedded to the old narrative. They still expect the Fed to raise rates three times this year. They will believe in this phony recovery. They still expect the dollar to continue to go up and they're wrong," the CEO of Euro Pacific Capital said. Goldman "is just as sure that gold is going to collapse now as they were back in December.