"Gold is going to go to $5,000 [and] I've had that target in mind for some time," Euro Pacific Capital's Peter Schiff told Kitco News in an interview at the Grand Cayman Liberty Forum on Tuesday.

"Normally markets […] take the stairs up and the elevator down. Well, I think that gold is going to take a rocket ship back up," he added.

Gold prices ended the U.S. day session higher mainly due to a weaker U.S. dollar index, but also because of some media reports suggesting that the European and Russian central banks were looking to acquire more gold.

"If they're going to buy more gold, which I think would be smart because I think the price is going to go a lot higher, it's not to counter low inflation," Schiff said. "A lot of people thought, when gold was falling that Russia was selling […] Putin is way too smart to sell his gold. If anything he's buying gold and selling dollars."