Schiff: Gold's Going 'to the Moon'
CNBCBy Alex Rosenberg | CNBC – 11 hours ago...
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.Every man has a day on which he turns a new leaf. For Peter Schiff , that day has not yet arrived.
This year, "gold can certainly make a move up to $1,700 or $1,800, but I think ultimately it's going a lot higher than that," Schiff said Tuesday on CNBC's " Futures Now ."
In fact, the gold bull not only remains bullish-he remains extremely bullish.
"When the world figures out the position that we're in, gold is going to the moon," said Schiff, CEO of Euro Pacific Capital.
Schiff believes that continued monetary easing from the Federal Reserve will lead to inflation that will spike gold. So does talk that the Fed will look to "taper" easing worry him?
(Read the Latest: Gold Steadies at $1,380 as Stock Markets Stabilize )
Not in the least.
"The Fed has no exit strategy," Schiff said. "It's all fluff. There is no taper, because taper is impossible without collapsing the economy, the banks, and the U.S. government."
In fact, he added, "what we're probably going to have to get from the Fed is more QE. They're going to have to print even more money and buy even more bonds to prevent this market from imploding, and that is extremely bullish for the price of gold."
(Read More: The Fed Taper: Reasons for Comfort )
So how about in the short term? Schiff admits that the action in gold has not been good-but he believes that gold is undergoing a bottoming process.
"You do have a lot of speculators who have been unwinding their technical gold position; technically there has been a lot of selling, and the sentiment is very negative in the gold market so people are selling the rallies," Schiff said. "But that's how bottoms are made."