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Peter Schiff: Gold Will Be the Last Safe Haven Standing (Video)

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During a recent podcast, Peter Schiff explained that low interest rates aren’t necessarily bad for gold. He also talked about how weakness in the Japanese yen might put some downward pressure on the price of gold in the short-term, but eventually, it’s going to be good for the yellow metal.

Peter hit on that themes again in an interview on RT’s Boom Bust, saying he thinks gold is going to be the last safe haven standing.

I think gold has been hurt by the perception that the global increase in interest rates is going to be bearish for gold. Also, gold has had a strong correlation with the Japanese yen over the last couple of years, and the yen has weakened, and that has also dragged down the price of gold. But the Japanese yen is not really going to determine the value of gold. The idea that they’re both safe havens, and for a while they were the same type of trade, I think that gold is the real safe haven. I don’t see a lot of safety in the Japanese yen. And so ultimately I do think gold will be the last safe haven standing.”

Peter reiterated that we will need a safe haven because what the pundits are telling us about the economy doesn’t stack up against actual economic data.

As people start to realize that the US economy is in much worse shape than is generally perceived by the markets, or certainly acknowledged by the Fed, as the US economy continues to weaken, as the Fed is forced to admit the tightening cycle is over and a new easing cycle is going to begin, as inflation begins to move higher despite the fact that the US economy moves into recession, I think you’re going to see a perfect storm when it comes to gold.”

In his most recent Gold Videocast, Peter also talked about the Japanese yen, saying he thought it was also going to be a boon for the price of silver over the long haul. For a very limited time, SchiffGold has an incredible buying opportunity on pre-1965 silver quarters, dimes and half dollars. This is the prefect time to prepare for the future and invest in junk silver. For more information on this special, limited-time deal, click here!


Get Peter Schiff’s latest gold market analysis – click here for a free subscription to his exclusive monthly Gold Videocast.
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