Contact us
CALL US NOW 1-888-GOLD-160

Peter Schiff: I’m Even More Bullish on Gold Now!

  by    0   5

Peter Schiff recently appeared on Kitco News and chatted with anchor David Lin. Peter gave his outlook for inflation, stocks, and gold in 2023. Peter said we had better get prepared for an inflationary depression. He also emphasized that he is very bullish on gold in the year ahead.

Obviously, I’ve been bullish for a while. But I’m even more bullish now to the extent that’s possible, based on what’s been happening.”

Peter said he expects “significantly higher” gold and silver prices in the year ahead. That will also push up gold mining stocks. Peter emphasized that gold mining stocks are currently extremely cheap and under-owned.

Nobody in the institutional community really has any kind of position in this sector. I think by the end of the decade, they’ll all have positions in this sector. But of course, the stocks are going to be much more expensive at that point, so don’t wait for the crowd to figure it out. You want to anticipate where the crowd is going to be, and you get there first.”

Peter said he’s not just bullish on gold for 2023.  He’s bullish for the rest of the decade and probably more.

Gold moves in big cycles. I think this bull market really started in 2001, so, we’re 20 years into it. But we had a pretty big correction from 2011 to 2015. That’s when we bottomed out. We’ve been moving up since then, but we really haven’t taken out the highs from 2011.”

We did get above the 2011 high for a short time, but it wasn’t significantly higher and it didn’t last long. Peter said we likely just saw a double top.

I think we’re going to take that out and that double top is going to be the new floor.”

Peter also pointed out that there was a “sideshow” with bitcoin that eclipsed gold to some degree.

It stole gold’s spotlight for a while, because while gold was going nowhere, bitcoin went from nowhere to 60,000, 70,000 per bitcoin. And everybody who got involved in this, on paper anyway, they all were rich. And some of them actually got rich because they cashed out, and they sold bitcoin, and they bought real things with it.”

Peter said he doesn’t think it was a lot of people, but some gold bugs did get frustrated with gold and got into bitcoin.

Bitcoin was performing. It was going up while gold was going sideways. But bitcoin was marketed as digital gold. That was a whole selling point. ‘Hey, gold is obsolete! Gold is irrelevant.’ I think that – on the margins – took away some demand from gold. And maybe there were some institutions that would have bought gold, but because bitcoin was there competing against it, they didn’t buy gold. They didn’t buy bitcoin either, but they thought, well, you know, why buy gold because, you know, there’s bitcoin. It certainly took away some of gold’s thunder. A lot of the talk on the financial networks was about bitcoin. It wasn’t about gold. It was bitcoin, bitcoin, bitcoin. But meanwhile, the smart money was buying gold the whole time.”

Peter said that now that the bitcoin bubble has popped he doesn’t see that problem for gold from a marketing perspective.

Nobody is going to be comparing bitcoin to gold. Nobody is going to be talking about it as digital gold, as a safe store of value, as an inflation hedge. Everybody has pretty much come to the conclusion that it is a speculative asset.”

Other topics discussed in this interview:

– Leading Economic Indicators
– Recession in 2023
– US dollar
– Inflation in 2022
– Inflation outlook
– How to fix inflation
– Inflationary depression
– Stocks and interest rates
– Peter Schiff’s asset allocation
– The bitcoin bubble has popped
– Is Peter Schiff buying Bitcoin?

Get Peter Schiff’s key gold headlines in your inbox every week – click here – for a free subscription to his exclusive weekly email updates.
Interested in learning how to buy gold and buy silver?
Call 1-888-GOLD-160 and speak with a Precious Metals Specialist today!

Related Posts

Schiff vs. Hanke: Who’s to Blame for Inflation?

Last week, Peter debated Steve Hanke, professor of economics at Johns Hopkins University, on inflation, the debt crisis, and the future of the dollar. David Lin hosted the debate on The David Lin Report and provided moderation for the event. While Peter and Hanke have their disagreements, both ultimately agree that the United States is in rough fiscal and monetary shape, and terrible monetary […]


Schiff on Reinvent Money: Euro on Shaky Ground

Paul Buitink, host of the Reinvent Money show, recently interviewed Peter on debt in Europe, possible futures for various currencies, and government monitoring of crypto and gold.


New Schiff Interview: America Needs to Go Cold Turkey on Debt

Peter recently appeared on the Bald Guy Money show for a conversation on gold’s role in American and global politics, the influence of the BRICS coalition on metals markets, and, as always these days, the disastrous monetary policy coming out of the Fed. 


Schiff on Business Matters: Consumers Are in Big Trouble

On Friday, Don Ma interviewed Peter on NTD’s Business Matters. Their conversation focuses on declining consumer sentiment. With GDP and unemployment figures also signaling a recession, a worsening consumer outlook bodes poorly for the economy.


New Schiff Interview: All Inflation Has One Source

On Wednesday, Peter appeared on This Week in Mining with Jay Martin. Jay and Peter discuss the state of the economy, the government’s assault on sound money, and why the mining sector constitutes a good investment.


Comments are closed.

Call Now