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Peter Schiff: Gold Going To $5,000
Friday, October 2, 2009
Euro Pacific Capital head Peter Schiff predicts the Dow will fall another 90 percent from current levels when measured against gold, which he says will hit $5,000 an ounce.
Schiff credits poor policy decisions over the past nine years for setting the U.S. dollar up to take a major fall against commodities and other currencies when China and Japan finally stop buying our debt.
"Ben Bernanke is keeping his record of perfection intact of never getting anything right,” Schiff told Yahoo! Tech Ticker.
“Once again he's gotten it wrong."
"If the Fed really thought the economy was sound, why does he have it on life support? If he pulls the plug, our sick economy is going to die."
“The reality is, that if we put interest rates anywhere near where they ought to be, we would bankrupt most of our financial entities and we’d have a real collapse,” Schiff says.
“We’re never going to have a real recovery until the market lets us have a real recession.”
“Our phony consumer-based economy isn’t viable; it only exists as long as the Chinese and Japanese lend us money to buy their stuff.”
The dollar has suffered heavy selling against the other major currencies in recent weeks, with the yen and euro seeing strong gains, a condition some analysts see continuing.
“The next couple of years is all about dollar weakness,” Stephen Green, senior economist at Global Research at Standard Chartered Bank told CNBC.
“It’s all about Asia currency strength.”