‘Dumping dollars to buy gold’
Many investors turn to gold as a hedge against inflation, since — unlike fiat currencies — it can't be printed at will by central banks.
Schiff argues that central banks’ growing appetite for gold signals something deeper.
“Investors haven't even woken up to what central banks are doing, but the central bankers are the insiders of the fiat monetary system,” he said. “The insiders in the fiat monetary system have been dumping their dollars to buy gold. They obviously know something, and the public hasn't caught on yet.”
So, what do they know that retail investors don’t?
Schiff believes it’s simple: inflation isn’t going away.
“Investors haven't woken up to the reality of high inflation, as far as the eye can see, they still believe that the Fed is going to be able to bring inflation back down to 2% — there's no chance that's going to happen,” he stated. “Inflation isn't going anywhere near that. In fact, it's already bottomed out and is headed much higher — none of that has really been priced into gold yet.”
So, just how high can gold prices go?
“If gold can go from $20 an ounce to $2,600 an ounce, it can go from $2,600 to $26,000, or even to $100,000. There’s no limit because, again, gold isn’t changing — it’s the value of the dollar that’s decreasing,” he said in October 2024.
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