Peter Schiff thinks Gold will hit $13,000 per oz in the long term

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Peter Schiff, CEO of Euro Pacific Capital, says money printing and government debt will lead gold to reaching $13,000 in the long-term.

Peter Schiff thinks a hyperinflationary environment caused by the Federal Reserve’s easy money policies will lead to gold prices going astronomically higher.

After the financial crisis in 2008, the Federal Reserve lowered interest rates to near zero in a desperate bid to save the banking system. However, according to renowned investor Peter Schiff, flooding the world with such quantities of phony paper money will have consequences. Sadly, one of the major impacts on individuals is that their purchasing power will vanish. And eventually, people would realize that they are pushed to find another alternative.

“People believe that these fiat alternatives represent ligament stores of value when they don’t,” he explained. “When people start to question that and realize their purchasing power is not safe there, then people will start looking for an alternative.”

“Everyone’s going to try to rush back into and that means [gold] prices will go substantially higher.”

Prior to the financial crisis in 2008, people were investing significantly in mortgage-backed securities. It is believed that even people were willing to buy those assets higher than par value which eventually caused a bubble. When the bubble broke, people lost their confidence. Schiff believed that perceptions also dramatically changed, “The mortgage didn’t change, it’s just the perception of the borrower changed from being confident to being realistic.”

Now, when an economic collapse occurs and the dollar crashes, people would realize that they would need another safe heaven to escape to. Therefore, Schiff believes the yellow metal would be the safest.

Schiff suggests that many investors miss opportunities because they want to buy at the perfect time, saying “You’ve got to be early and you’ve got to be patient.”

Best Gold Bullion Bars & Coins to Buy

Gold Bullion Bars: Try 1 oz Credit Suisse or Apmex bars

Gold Bullion Coins: Canadian Maple Leaf or Chinese Panda

Where to Buy Gold

  • Apmex
  • Monex
  • Ebay (Use common sense and buy from power sellers who provide a 1-800 phone number & address)
  • Local Gold Coin Shop

Sources: Profit Confidental & Economic Collapse News

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