Peter Schiff: No ceiling for gold prices

Peter Schiff says gold is more than just another precious metal. According to the president of Euro Pacific Capital, gold is a thermometer for the economy. And with gold prices at a high of $1851 an ounce, the economy isn't getting any healthier.

"Gold going up every day is saying that the economy is sick. It's really, really sick," Schiff told RT. Yet, he added, world leaders are ignoring the surge in gold prices as if the increase wasn't telling them something.

As central banks continue to print money while currencies devalue day by day, Schiff said owning gold is a safe haven. Some say treasuries are a safe haven, but Schiff asks, "What is it a safe haven from?" Gold, he said, is an alternative to owning currencies like the US dollar, the euro and the yen, which he said are being created too quickly and in too much quantity.

"I keep hearing people on television saying people aren't buying gold because of inflation," saudSchiff. "Gold is a safe haven from inflation."

Schiff noted that many are still skeptical of buying into gold, citing widespread fear of a bubble ready to pop. He believes, however, that prices are only going to be higher. Schiff said he was right about this before and he is right about this now.

Schiff told RT that the only thing people have to worry about is the devalue of currencies, which continue to go down in value while gold only goes up. "It's not a bubble because gold is not going up," said Schiff. It's paper currency, according to him, that's just losing value. "Gold is simply letting you know that it's occurring."

"Most people would accept gold in exchange for goods," he said. "Gold is money; it's recognized around the world."

And according to Schiff, people need to realize it before it's too late.

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• august 2011

[aguasalgada1]

i will take your gold for a loaf of bread but not your US fuckin tiolet paper!!!!!!!

[navtel]

anyone buying bonds or treasuries have to be nuts. peter has been right for years.

[001MeTaBoLiC100]

So was I correct

[001MeTaBoLiC100]

@TWSceptic Also I see ads on the internet and several people encouraging people to buy Gold now. These people who are promoting Gold and Silver have already made millions of dollars since they bought in earlier. I dont know what to expect but this seems like a pattern.

[001MeTaBoLiC100]

@TWSceptic Yeah but did you notice again the price of Gold did not go over $1600.00 this is what happened when the price of Gold was trying to break $1800.

[TWSceptic]

@001MeTaBoLiC100 No it's still not at the level it was in 1980. And if you'd understand economics like Peter does, you'd know there is no ceiling for the gold price. Inflation will worsen and so people are going to buy more precious metals.

You will know there is a bubble when your colleagues at work recommend you to buy gold & silver. And when the people who are now saying that it is a bubble, are actually buying because they think it will go up more. When gold becomes a hype, THEN you sell.

[001MeTaBoLiC100]

The past couple of months I have been watching Gold. I watched the price hover around the 1790-1795 range but the price never managed to hit above 1800 then drop to 1750 and below. Today the price of Gold is hovering around the 1590-1595 (not above 1600.00) range this is too obvious of a pattern. Their is a ceiling it is slightly above 1900 then a significant drop in value.

[strongarabi]

come on man i bought bitcoin from your website and now you change it why is that baby.

[jjason23296]

I just bought a few ounces of gold the other day.