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Despite a ho-hum performance year to date for gold, Peter Schiff, chief executive officer at Euro Pacific Capital, is still betting on gold’s eventual climb to $5,000 an ounce.
Schiff’s persistent call is more than 300% higher than the Thursday’s settlement at $1,225.20 an ounce on Comex, which marked the highest close for the yellow metal since mid-February.
Gold is roughly 3% higher year to date, but the precious metal seems light year’s away from the all-time highs near $1,900 reached in 2011.
Still, gold’s performance hasn’t been particularly exciting in recent months. Prices GCM5, -1.06% tallied declines for the last three months in a row. They logged declines last year and the year prior.
Gold’s sluggishness makes Schiff’s dogged call on gold all the more notable.
Over the years, he’s reiterated his long-running gold-price forecast, which has yet to come to fruition. Lately, however, he’s sounding even more bullish.