Commodities

QTR’s Fringe Finance: Peter Schiff Exclusive: Gold to $26,000?

Posted on by Andrew Packer

Gold prices have pulled back slightly after hitting $2,700 per ounce. From here, it’s only about a 10% further rally for the metal to hit the nice, round number of $3,000.

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    • Where does gold from there? That depends on a variety of factors. Gold tends to perform well when investors expect inflation. The Federal Reserve’s recent shift to focus on jobs rather than inflation supports higher gold prices.

    Plus, as interest rates decline, gold looks increasingly attractive compared to bonds. That’s because gold has no yield. And bond yields are now on track to continually decline.

    If conditions are right, gold may not stop at $3,000 per ounce. The metal could even accelerate its price appreciation, and hit $6,000 per ounce next year.

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    Such a move would likely require come kind of financial crisis. It would need to be strong enough to send investors away from the U.S. dollar. Most investors first go to cash during a crisis. Globally, the world first turns to the U.S. dollar.

    The dollar could face more trouble ahead. U.S. debt continues to rise, with an increase of over $1 trillion nearly every 90 days. A debt crisis would be the kind of situation that could prove a perfect storm for gold.

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