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Economist and gold advocate Peter Schiff noted that if gold could rise from $20 to $2,600 an ounce, it could potentially reach $26,000 or even $100,000. He shared his views on global economic issues, including U.S. dollar weakness, China’s economic resilience, and the impact of U.S. foreign policy on national debt. Schiff warned of potential inflation, worsened by war, and predicted a sharp rise in gold prices as the dollar continues to weaken.
Peter Schiff’s Predictions on US Economy and Gold’s Future
Economist and gold advocate Peter Schiff, chairman of Schiff Gold, joined Michael Gayed and Will Rhind on the Lead-Lag Report last week to discuss pressing global economic issues, ranging from the U.S. dollar’s decline to the growing tensions in the Middle East and gold’s potential surge.
Schiff warned that the U.S. economy faces severe risks as China continues to grow, contrary to media reports. He also criticized U.S. foreign policy for driving up the national debt. “We’ve got our troops all over the world, but we can’t afford to provision them without borrowing money … I don’t think the world is going to pay an ever-increasing tribute to the United States to maintain this situation,” Schiff argued. Regarding the economic effects of war, Schiff emphasized the risks of inflation:
You’re more likely to debase your currency with a war, and it’s actually twofold, depending on how big the war is.
The gold advocate explained that war often destroys productive capacity, reducing consumer goods while increasing the money supply. He predicted gold’s value could soar as the dollar weakens due to ongoing money printing. He remains optimistic about gold’s future, forecasting a significant rise in its price over the coming decades as the dollar depreciates. The economist opined:
If gold can go from $20 an ounce to $2,600 an ounce, it can go from $2,600 to $26,000, or even to $100,000.
Last month, Schiff stated that gold is “set to have its best year since 1979.” He noted that gold has increased by over $540 this year, marking its “largest dollar gain in history.” Despite this, he pointed out that “investors still haven’t noticed the bull market or added mining stocks to their screens.”