Are Russia and Europe buying more gold? Will the Swiss vote ‘yes’ in its gold referendum? Is there a chance for QE4? Peter Schiff is on Kitco News to comment on some of the most recent headlines surrounding the gold market and also to share his thoughts on the U.S. economy. The Euro Pacific CEO says the U.S. recovery isn’t real and adds that the dollar is only strong because all other currencies are weak.
Peter Schiff his gold target:
I have had that target of gold at $5,000 in my mind for some time, and I think we’re going to eclipse it. I think that when this decline is over – and it’s been three years since gold hit its high around $1,900 – I think it’s actually going to rise faster than it fell. Normally markets take the stairs up and the elevator down. Well, I think that gold is going to take a rocket ship back up. Because I think that when all the people who have been shorting gold and selling gold realize that they have got it wrong and they want to buy it back, it’s just not there. I think all the gold that was dumped out of the ETFs is sitting in vaults in Russia and China, and it’s never going to see the light of day again. So when the buyers want it back, the gold is not going to be there.
About Alan Greenspan his recent comments on gold:
Alan Greenspan recently said that he thought gold was a currency. He is wrong; gold is not a currency, gold is money. When the dollar was backed by gold [when we had legitimate Federal Reserve notes, which is when you could hand in the notes and get back gold] then we had currency and currency is backed by money. Fiat currency is now backed by nothing. So the world is awash in fiat currencies and you need real money to back currencies. That is going to be gold.
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