Economist and gold advocate Peter Schiff notes that if gold can rise from $20 an ounce to $2,600, it has the potential to reach $26,000 or even $100,000. He shares his views on global economic issues, including the weakening of the U.S. dollar, China's economic recovery, and the impact of U.S. foreign policy on the national debt. Schiff warns of the possibility of inflation, made worse by war, and predicts that gold prices will rise sharply as the dollar continues to weaken.

Peter Schiff's Predictions on the US Economy and the Future of Gold

Economist and gold advocate Peter Schiff, president of Schiff Gold, joined Michael Gayed and Will Rhind on the Lead-Lag Report last week to discuss pressing global economic issues, from the decline of the US dollar to rising tensions in the Middle East and the potential for a rise in gold prices.

Schiff warned that the US economy faces serious risks as China continues to grow, contrary to media reports. He also criticized US foreign policy for driving up the national debt. "We have armies all over the world, but we can't afford to support them without borrowing money... I don't think the world is going to pay more and more to the United States to keep this up," Schiff argued. Regarding the economic impact of war, Schiff highlighted the risk of inflation:

You are more likely to devalue your currency when you go to war, and there are actually two factors, depending on the scale of the war.

The gold bug explained that wars often destroy productive capacity, reducing consumer goods while increasing the money supply. He predicted that the value of gold could skyrocket as the dollar weakens due to continued money printing. He remains bullish on the future of gold, predicting that its price will rise significantly in the coming decades as the dollar depreciates. The economist said:

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

Last month, Schiff declared that gold was “on track to have its best year since 1979.” He noted that gold has rallied more than $540 this year, marking “the biggest dollar gain in history.” However, he pointed out that “investors have yet to see a bull market or add mining stocks to their portfolios.”

What do you think of economist and gold bug Peter Schiff's views on US foreign policy, inflation risks and the future of gold? Let us know in the comments below.
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