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Peter Schiff: The Price of Gold Is Going to Soar (Interview)

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Peter Schiff recently attended the Vancouver Resource Investment Conference. While he was there, he did an interview with Daniela Cambone of Kitco News.

Peter and Cambone talked gold, and Peter said he thinks the yellow metal is set to soar, despite the sentiment that Federal Reserve Rate hikes will hold gold down.

Gold has not really rallied. It’s been going up, right? But it’s been creeping higher. Now, everybody expected it to fall. Everybody believed that as soon as the Fed hiked rates, gold’s gonna tank. And it didn’t tank. It rallied.”

Of course, as we’ve pointed out, this has been the trend over the last several years. Investors tend to sell the rumor of rate hikes and buy the fact. In truth, higher interest rates are not bearish for gold. But as Peter points out, that mindset still exists in the market.

But you know, the Fed keeps raising rates a little bit, every once in a while, and everybody still believes that, well, the Fed is raising rates, so that’s bearish for gold. So, everybody expects gold to fall, yet it continues to creep higher. But I think once it overcomes some of this resistance –  it has a lot of resistance around $1,350 – and I think if we can decisively move above that and then get above $1,400, just to make sure it’s cleared out, then I think it’s off to the races.”

Peter also touched on the excessive optimism in the market, a theme he’s been hammering on in his podcast. Peter said people haven’t been this optimistic since right before the ’87 stock market crash.

It’s rare to have this much optimism, but there are more problems now than there’s probably ever been, yet everybody is overlooking that. So, at some point, people are going to rush into gold, and the problem is there’s no one that’s going to rush out. So the price, I think, is just going to soar. I think you’re going to see 50 or 100 dollar moves per day up in the price of gold, once we break out.”

Cambone raised the issue of tax cuts, speculating that perhaps they haven’t been fully priced into the stock markets.

Well, I think they’ve already more than priced in the benefits of the tax cuts because there’s not going to be any real net benefits.”

Peter went on to explain that the tax cuts simply aren’t going to deliver the promised economic growth.

I think the impact of rising interest rates and rising consumer prices will more than offset whatever benefits are to be had from the tax cuts. So, I think the economy is going to be weaker despite the tax cuts. I still think we’re heading into recession.”

Peter said he’s looking at the “end-game” of all of this Federal Reserve manipulation.

The consequence was always going to be a dollar crisis. I’ve known that from the beginning. I knew that before the financial crisis. I knew that when that bubble that the Fed created popped, that it was such a big bubble and it would create such a deep recession that the amount of monetary stimulus that the Fed would use would be lethal. I knew they would print so much money and slash interest rates that they would collapse the dollar … In the long-term scheme of things, it’s all happening right now.”

Peter said that he originally thought the Fed would attempt to reflate the bubble after the housing crisis and that would crash the dollar. What he got wrong was that he never imagined the central bankers would be successful.

They actually made the bubbles bigger than the ones that popped. So now, the dollar’s collapse is going to be that much bigger, because it’s now a bigger bubble with more air to come out of it. And I think they have no more tricks up their sleeves. When this happens – it’s over.”

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