Peter Schiff: U.S. Rally Is Doomed, Gold May Hit $5000 - tech ticker - 09-24-09

Unlike the "legitimate bull markets" of many foreign markets, Peter Schiff believes the U.S. is merely experiencing a "rally in a bear market," and is lagging the rest of the world "for a reason."

The worst is not over, according to Euro Pacific Capital's Schiff, who predicts the Dow will fall another 90% from current levels when measured against gold.

A longtime dollar bear and gold bull, he foresees gold hitting $5000 per ounce "in the next couple of years," and predicts the Dow and gold will trade on a one-to-one ratio vs. the current level of around 9.7-to-1.

Schiff believes gold is currently "climbing a wall of worry" but will eventually become as hot as tech stocks in 1999 and start moving up $100 per day.

Schiff's forecast is based on his view the U.S. dollar is going to collapse under the weight of our massive deficit and reckless policies of the Obama administration, which he compares to the massive spending programs of the 1960s, which paved the way for gold's ascent in the 1970s. "Obama is making the same mistakes as Bush, but he's doing them on a grander scale," says Schiff, who is running for U.S. Senate in Connecticut as a Republican.

In addition to gold, Schiff remains bullish on Asia, most notably China...

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[DeeHong]

He did meantion that gold may go up to $5000/oz over the next SEVERAL years! not tomorrow not the end of this year!! Dont buy your gold today and expect it to be 5x more in the next few months!!!

[PreciousMetalsStore]

Yep... $1200 or more is possible by the end of the year. Gold could go to $5000 in 1 - 5 years. It all depends on how much longer they can prop up the dollar. If China decides to pull the plug and dump dollars then gold and silver could really start moving up.

[sunnyjong1]

i totally agree with xxjadexx7. the goverment should have 2 sets of books.

for the goverment to print so much of money fearlessly. also i heard someone

says the gold should be $15,000 per oz,

today due to huge amout of money the goverment printed. maybe that will explain why the gold is still $1000 per oz,.

[PreciousMetalsStore]

If you want to understand why gold is still only 1000/oz you should listen to Bill Murphy of GATA has to say. There are plenty of videos on youtube you can watch. Ted Butler is another good resource on this topic but his main focus is silver.

[pupilofreality]

we're fucked because wall street is run by criminals who are writting the laws, read the peice by taibbi in this weeks rolling stone, it is terrifying

[1mealperday]

gold and silver have thousands of years of history as currency, real money.

Gold and silver ought to be seen as ones personal bank, store of wealth. Our houses were a store of wealth until we borrowed against them. Both precious metals are in short supply . Silver is still below 20.00 per oz. That wont last. Get some.

[drgikuma]

WE ARE @1250 AT THE MO, GRADUALLY PICKING UP. DONT BE LEFT BEHIND, GET IN THE PICE OF THE ACTION:

[fasteddie847]

The dow did nothing but go up another 2,000 points after this interview. Glad I didn't take his advice

[julianmck]

Gold and silver are not money or wealth. We are. Our work drives everything. If you convert back to a gold standard you will have a few like Peter schiff monopolizing that too but if you realize your own value you can begin to demand your sovereign right to land and property. It's your birth right and there's enough for everyone. The government will change if your will is unbending

[johnnecron]

Im just sorry that I did not buy silver back when it was 9 dollars.

at least I started buying when it was 14

[B0rnAl0neDieAl0ne]

This is why Andrew Jackson tried to get rid of the Central bank

and our currency needs to be in silver/gold

[pupilofreality]

why did you post this to me, 30? you assume I have no gold or silver? I stack my share plus some. also look into the platinum group of metals, some real opp. there. here is where I take issue with your screed. America doesnt GIVE its citizens shit, America IS its citizens, read your constitution. This is where I have a real problem with those closeted fags that call themselves conservatives, We The People are the fucking government! Government is good when corporate shaftlickers arent running it

[30percentplusreturns]

We are not fuc#$d. Why? Because America gives its citizens the opportunity to buy gold and silver. Everyone complains about the printing of money yet99% of Americans own no gold. Go into any house in America and one does not own silver or gold, but flatscreen TV's and new cars bought on credit. Im sick of the people complaining. Its not even a mystery that they print money, they tell us!! You people deserve to lose everything for being so dumb.

[ExquisiteDoom]

Yes, so many hypocrites around, it's annoying.

[pupilofreality]

from your mouth to Gods ear, patriot.

[PatriotsofLight]

Be rid of fear they feed off it, the FED IS GOING DOWN WOO HOO. Things may get a little tough but it will clear up after the shit goes down, have faith we need it now more than ever.