Peter Schiff: Gold to hit $5,000 per ounce
By Andrew Moran
Oct 9, 2009 in Business
The 2010 Connecticut Senatorial Republican candidate and economic forecaster, Peter Schiff, sat down with Fox Business News on Wednesday to discuss the recent surge in gold prices and made a stunning projection,
similar to past predictions, that gold will reach $5,000 per ounce.
Schiff has been a bull on precious metals and mining stocks across the globe, especially two Canadian companies Red Back Mining and Capstone Mining. The author of “The Little Book of Bull Moves in a Bear Market” has been buying gold since 2000 when it was at $200USD and still thinks an investor or someone who wants to protect him or herself from inflation should purchase gold because of its further potential highs.
“First of all it’s definitely not too late to buy, don’t wait for Crash Proof 3.0 to buy gold. Given the fact that all what’s happens and all what’s likely to happen and that gold is still this close to $1000 people should be buying. The fact that gold is going up is the reflection of inflation and not just in America.”
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