Tags: Schiff | gold | 5000 | Fed

Peter Schiff: Gold Headed to $5,000, Maybe Higher

Friday, 07 Dec 2012 08:26 AM

By Dan Weil

Gold prices hit a one-month low this week, but Peter Schiff, CEO of Euro Pacific Capital, thinks they’re going to come back with a vengeance.

“I think it will go to $3,000, $5,000, higher than that,” he tells Yahoo. Spot gold traded at $1,701.55 an ounce early Friday.

“A lot depends on decisions that haven’t been made yet. How much money are we going to print? How long are we going to try to keep interest rates artificially low? How long is it going to take before the world realizes that we’ve been conning them?”

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The Federal Reserve’s massive easing over the past four years and the exploding U.S. debt burden are very bullish for the precious metal, Schiff says.

"We're asking the world to give us money indefinitely so that we can live beyond our means," he says.

"When the world figures this out and decides it doesn't want to play this anymore, it's going to mean a much bigger drop in the dollar. The Fed will have to print even more money to keep interest rates artificially low, and [gold] prices will skyrocket."

Others are bullish on gold too.

“I think with [quantitative easing] still going on next year and no call for it to end, gold will go higher," Anthony Grisanti, president of GRZ Energy, tells CNBC.

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