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Peter Schiff forecasts gold could hit $100,000 as dollar weakens

Peter Schiff forecasts gold could hit $100,000 as dollar weakens

GrafaGrafa2024/10/08 02:30
By:Mahathir Bayena

Economist and gold advocate Peter Schiff has made a bold prediction that gold prices could soar to as high as $100,000 per ounce if the U.S. dollar continues to weaken.

During a recent appearance on the Lead-Lag Report, Schiff pointed out that if gold could rise from $20 to $2,600 per ounce, it has the potential to reach $26,000 or even $100,000.

He expressed concerns about the U.S. economy, highlighting the weakening dollar and rising inflation risks, which could further drive up the value of gold.

Schiff criticised U.S. foreign policy, noting its role in increasing national debt through military spending.

He stated, "We’ve got our troops all over the world, but we can’t afford to provision them without borrowing money."

He emphasised that the rising national debt could lead to severe inflation, particularly if the U.S. engages in more military conflicts, which tend to debase the currency.

The economist explained that war typically destroys productive capacity, reducing the availability of consumer goods while simultaneously increasing the money supply.

This, in turn, leads to inflation, which he believes will benefit gold prices.

Schiff warned, "You’re more likely to debase your currency with a war," and pointed out that gold could become an even more valuable asset as a result.

Schiff remains optimistic about gold’s future, predicting a significant price rise in the coming decades.

He commented, "If gold can go from $20 an ounce to $2,600 an ounce, it can go from $2,600 to $26,000, or even to $100,000."

In September, Schiff noted that gold was "set to have its best year since 1979," as it had already increased by over $540, marking its largest dollar gain in history.

Despite these gains, he observed that many investors have yet to take notice of the gold bull market or invest in mining stocks.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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