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Peter Schiff: Gold to $5,000

By editor|Dec 2, 2009, 2:15 PM|Author's Website  

Peter Schiff told CNBC this morning that Gold at $1,200 is not expensive “considering all the money that we’ve created and all the money that we are going to create”. According to Schiff investors should invest in Gold because the yellow metal will at some point, perhaps prior to Obama leaving the White House, hit $5,000 per troy ounce. But Lou Grasso of Millenium Futures disagrees arguing the precious metal has run well beyond its course. According to Grasso, gold will rise to $1,400-$1,500 by end of this year, but will likely pull back in late 2010 to $900-$1,000 level.

5 Comments

  1. John Smith says:
    December 2, 2009 at 3:26 pm

    I just don’t see how gold will not hit 5000 per troy ounce. The liabilities of the governments is going through the roof. There is just not enough young people in advanced economies to support all the old people. In 10 years the USA baby boomer population , for example, will be mostly retired and with that 2 working adults will have to support 1 retired person. In Japan is even worse and most of Europe is also in the same shoes. The economics of that is impossible to predict. With the current down turn in the economy net immigration will also slow. Who would want to move to the USA if you can’t find work.

    So less working people who pay taxes more older people who are using savings and entitlement programs not a very encouraging out look for monetary policy around the planet.

    Reply
    • obiwankandoobie says:
      December 8, 2009 at 2:43 am

      ,,,Can you see when Bernanke will stop printing money ??? if you can’t see that, sooner or later you will see $5,000.00 gold. and it will not be a pretty site.

      Most likely sooner.

      Reply
  2. Dennis says:
    December 6, 2009 at 11:07 pm

    This is the best of times. We are printing scads of money, and gold is dropping.
    Our employment layoffs are down, and everybody is getting back to work with a good service job at Walmart and McDonalds to replace their $60,000.00 job! I am sure the price fixers want gold back at $200, but it seems there are 7 pages of mortgage foreclosures in Lakeville MN for this week.
    So the dollar index is up. Everything is fixed. So spend spend!

    Can anyone say “rigged dice?”

    As long as the employers offshore/outsource, and the politicians deregulate,
    and we bring in worthless Chinese junk it can’t get better.

    Reply
  3. Neal Vanderstelt says:
    December 25, 2009 at 1:07 am

    Wow gold at $5000? that would be a disaster.

    Reply
  4. humALIEN says:
    January 17, 2010 at 9:19 pm

    Aint Going TO 5000 .. not this year.. maybe in the future.. you just don’t know.

    Reply

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