Peter Schiff is a household name in the investing world, as he is well-known for his bold statements on the global economy and where he thinks markets are headed next. Schiff is vehemently opposed to stimulus packages as well as the massive deficit that seems to only grow by the day in the states. As such, Schiff recently predicted gold to hit $5,000/ounce, a massive increase from its current levels.
According to Schiff, the constant quantitative easing programs are a recipe for disaster. Schiff likens it to a heroin addiction as he claims that the markets are literally surviving on the stimulus and once it erodes away, we will fall back into a recession, leaving analysts to wonder what will come of markets when the Fed is unable to ride to the rescue. Surely there will come a time when printing more money is simply not an option.
Schiff feels that our last recession was actually cut short by the stimulus packages and that the deeper, underlying issues are still looming. His theory seems to suggest that we need to rise from the ashes, and hit rock bottom before we can proceed as an economy. One thing that Schiff is sure of is where gold is headed, up. A minimum price point of $5,000 in the coming years as the dollar loses value and our economy spirals into the doldrums yet again.
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