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News Link • Currencies

Peter Schiff: Gold to hit $5,000 per ounce

• Digital Journal
“First of all it’s definitely not too late to buy, don’t wait for Crash Proof 3.0 to buy gold. Given the fact that all what’s happens and all what’s likely to happen and that gold is still this close to $1000 people should be buying. The fact that gold is going up is the reflection of inflation and not just in America.”
On the topic of foreign currencies, Schiff does like the Japanese Yen, the Canadian Dollar, the Australian Dollar and the Chinese Yuan Renminbi as most of them have reached 52-week highs. He also foresees European currencies fluctuating in higher prices, even if they’re not moving much right now. Nevertheless, gold’s high prices is due to international inflation because a lot of governments are printing a lot of money, according to Schiff, “Why is gold up, even though the dollar isn’t down? Well, that means that the Euro is down, or the Chinese Renminbi or the Yen. Everybody is creating inflation, everybody is printing too much money, they have interest rates too low so gold is going to go up. But I think gold is going to go up against the dollar because we’re creating more inflation and even more recklessly.”

The congressional candidate is the latest to chime in on perspectives of where gold is going. This ties in with our expectations that the Fed's generous excess liquidity, coupled with a declining dollar, will likely see gold as the primary focus on new capital flows. If gold does really hit $5,000 expect a military coup by the various governors of the Fed.

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