You should be buying gold immediately, if Russia-backed news channel RT is any guide.
The channel invited Euro Pacific Capital’s Peter Schiff onto its Boom Bust program to discuss whether a recent pullback on the precious metal was the start of a losing run, and he suggested it was quite the opposite.
“Gold was really down today, but if you really understood what this means you would be buying as fast as you can,” he said.
In the interview, which you can watch below, he suggested a recent deal between Donald Trump and the US Congress to effectively lift the level of debt the government could take on would spell relative disaster for cash.
“[Previously it] peaked out at just as the government was taking some steps to rein in deficit spending, and now that we’ve eliminated those steps it would make sense that gold would break out,” Schiff said.
“Bigger deficits mean much more money printing, they mean a lot more inflation and all of this is very bullish for gold,”
He said that the precious metal may top the $1,800-1,900 an ounce level seen several years ago.
“Ultimately the price of gold is gonna shoot past the 2011 highs and who knows how much higher it’s going, but much higher.”
While RT is Russian-owned, there is no suggestion that Schiff’s commentary was motivated by the Kremlin — or that RT’s own thoughts on gold match those of Schiff.
However, Schiff and the Kremlin are thinking along the same lines on gold — as Russia has emerged as one of the major buyers of gold in the past year.
This content does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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