Gold’s recent two-day 15 percent surge, Schiff notes, is the equivalent of the Dow being up 1,400 points — and a clear signal that investors fear inflation is just around the corner, says Euro Pacific Capital CEO Peter Schiff.
Further Peter Schiff comments on Gold, Silver and the US Dollar: "They all think there's no inflation," Schiff says. "They think gold must be going up for some other reason or that there’s no problem with the American economy.”
“If you’re buying gold because you think the dollar’s going to lose value, you’re buying it as an inflation hedge.”
The Chinese government, Schiff notes, is encouraging its citizens to buy gold and silver because officials know the value of these precious metals will rise. “They know they’re going to try and get rid of the dollar, which means gold and silver have to go up and they want their citizens to have real money.”
“It’s unfortunate our politicians and central bankers haven’t figured it out.”
Peter Schiff`s comments on the economy, stock markets, politics and gold. Schiff is the renowned writer of the bestseller Crash Proof: How to Profit from the Coming Economic Collapse.