"I don't know if it's two years, three years, it's hard to put a timetable on it, but I do believe that gold will ultimately eclipse $5,000," Euro Pacific Capital chief Peter Schiff tells CNBC in a Nov. 20 interview.
"I don't know how high it's going to go because there's no ceiling on how low currencies can go. There is no intrinsic value to the dollar, there's no intrinsic value to any fiat currency, there's no limit to how much money the central banks will print, and [Fed chief] Ben Bernanke has said that he's going to keep printing money until the economy gets better and we create jobs. Well, printing money isn't going to make the economy better; it's not going to create jobs. It's going to prevent the economy from recovering; it's going to destroy jobs, so he's going to print money indefinitely, so there's no bottom on the dollar, and so there's no ceiling on the price of gold."
After Schiff exits, two traders, one at the CME and the other at the Nymex, also weigh in with their opinions on gold, and it's important to note that both are bullish on the metal for the long haul.
"I don't know how high it's going to go because there's no ceiling on how low currencies can go. There is no intrinsic value to the dollar, there's no intrinsic value to any fiat currency, there's no limit to how much money the central banks will print, and [Fed chief] Ben Bernanke has said that he's going to keep printing money until the economy gets better and we create jobs. Well, printing money isn't going to make the economy better; it's not going to create jobs. It's going to prevent the economy from recovering; it's going to destroy jobs, so he's going to print money indefinitely, so there's no bottom on the dollar, and so there's no ceiling on the price of gold."
After Schiff exits, two traders, one at the CME and the other at the Nymex, also weigh in with their opinions on gold, and it's important to note that both are bullish on the metal for the long haul.
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