Peter Schiff: Gold Price Going ‘A Lot Higher Than $2,000’

On Wednesday, I talked about some of the latest bullish predictions for gold.

One well-known advocate of the precious metal is Peter Schiff, President and Chief Global Strategist of Euro Pacific Capital. Schiff appeared in an ABC News piece yesterday about investing in the yellow metal. Susanna Kim wrote on the ABC News website:

The price of gold is currently around $1,700 an ounce in futures trading, down from previous highs of $1,900, not adjusted for inflation.

Peter Schiff, CEO of Euro Pacific Precious Metals in New York, said gold could rise even further.

“I think the price of gold is going to go a lot higher than $2,000,” Schiff said.

(Editor’s note: Italics added for emphasis)

Schiff told ABC News a big reason why the gold price will continue rising is inflation and the devaluation of the U.S. dollar.

Back on October 30, I blogged that Schiff is predicting the price of gold is heading to $5,000.


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Source:

Kim, Susanna. “Gold May Pass $2,000, But Consumers Warned Against Scams.” ABC News. 16 Nov. 2012. (http://abcnews.go.com/Business/gold-pass-2000-experts-warn-gold-rush/story?id=17727743#.UKcRMGfLX8k). 16 Nov. 2012.

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