Peter Schiff: Gold Will Hit $5,000


“[Gold at] $1,200 is not expensive, considering all the money that we’ve created and all the money we’re going to create—not only the Federal Reserve, but central banks around the world,” Peter Schiff, president of Euro Pacific Capital, told CNBC.

Schiff said inflation pressures will drive gold prices up to $5,000 an ounce and investors should stock up right now.

“It might not hit $5,000 this year or next year, but it will eventually—maybe before Barack Obama leaves the White House,” he said.

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