Peter Schiff: Reckless Fed may push gold to $5,000
Euro Pacific Capital CEO talks about Fed actions that would prompt a price surge
By Myra P. Saefong
April 25, 2014
Peter Schiff, chief executive officer of Euro Pacific Capital, has been known to make forecasts outside the mainstream, and his long-running belief that gold has the potential to hit $5,000 an ounce is no exception. Prices, after all, are struggling to get a grip on $1,300.
We caught up with Schiff to ask him how gold, a big disappointment for commodities investors last year, gets back its groove. Last year, gold futures GCM4 +0.80% and heavyweight ETF SPDR Gold Trust GLD +0.62% lost 28%, breaking at least eight years of annual gains.