Gold has had a solid January – up close to 10% as measured by the SPDR Gold Trust (ETF)(NYSEARCA:GLD). It’s not unlikely territory for the yellow metal. 2014 started out in much the same way, up more than six percent that month before closing the year a few percentage points lower than where it began.
Peter Schiff thinks while the start of 2015 is similar, the end will be quite different.“All the Wall Street strategists are all bearish on gold. They’re bearish on gold stocks and I think instead of giving up the early rallies that happened last year, I think we’re gonna build on the gains throughout the year.”
He notes that the price of gold in just about every currency but the dollar has shot up even faster this year, though he’s not completely ready to discount the precious metal’s standing here at home.“I think gold is going to go up in all currencies – it is rising faster in euros and some other currencies than it is in dollars but it’s still rising in U.S. dollars…I think it’s breaking out – now is a good time to buy….In fact this year I believe gold prices are going to hit all time record highs in just about every major currency except the U.S. Dollar. We might have to wait until 2016 before gold prices hit a record high in dollars.”
You can see the full “Yahoo Finance” segment below: