icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm

People should ditch dollar, fiat currencies in general & buy gold which is ‘a real safe haven’ – Peter Schiff tells Boom Bust

People should ditch dollar, fiat currencies in general & buy gold which is ‘a real safe haven’ – Peter Schiff tells Boom Bust
The real driver behind the rise of gold prices is the world’s central banks’ buying spree, says Peter Schiff of Euro Pacific Capital.

The veteran broker tells RT's Boom Bust, false optimism based on expectations of a US-China trade deal which is “not going to happen” was also driving the price.

He explains that last week’s sharp rise of interest rates was due to growing inflation pressures in the economy and because there’s not enough demand for all of the bonds being sold.

“All of this is very bullish for gold and so rather than simply selling bonds people should be buying gold because they need to get out of the dollar,” says Schiff. “In fact they need to get out of the fiat currencies in general and seek a real safe haven – and that’s gold,” he adds.

For more stories on economy & finance visit RT's business section

Podcasts