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it's a brand new year and how is gold set up this first trading week of January joining us now is the CEO of the investment advisory Euro Pacific Peter Schiff thanks so much for being back with us well my pleasure thanks for having me on and happy New Year to you and to your audience happy New Year to you as well Peter you are known for making very bullish calls on gold how do you see the metal setup here as we set start off this new year I think it's set off quite well you know we've had a lot of negativity on the price of gold you know people were expecting it to drop a lot more than it actually did decline last year and this year uh is beginning with a lot of negativity as well although the price action so far early in the year looks quite encouraging uh but I do believe that what was driving gold lower for the last several years and I think it's been down three years in a row uh was the false belief that what the FED had engineered was a legitimate economic recovery in the United States and that higher interest rates would be supportive of the dollar and detrimental to price of gold all this is wrong all the FED has done is inflate a gigantic bubble which may have already popped and I think rather than delivering the rate hikes that everybody expects I think we're going to get rate Cuts in another round of quantitative easing that will be even bigger than the prior three and I think gold is set up for another spectacular rally I think it's going to see new highs and I think the biggest leg of this gold bull market which really began in 1999 with gold below 300 I think the next leg is going to be the biggest leg Peter you mentioned a QE 4 is this a possibility we could see in 2016 well I think it's an inevitability that we're going to see it and I do think it's likely that it will start in 2016 but if somehow we make it through 2016 without another round of quantitative easing then we'll certainly get it in 2017 but I still think that 2016 is is a more favorite because it is an election year and you know earlier today the Atlanta fed reduced their forecast for the fourth quarter GDP in the US to just 7 I have a feeling that it could end up being negative by the time we get the print in a couple of weeks and if we have a negative fourth quarter there's also a good chance we have a negative first quarter which puts the US officially back in recession what is the Fed going to do in a recession especially in an election year they're going to pull out all the monetary stops they're certainly going to do more QE and I think we could see a big pickup uh in the unemployment rate in 2016 as we start hemorrhaging some of the jobs that never should have been created in the first place in the last couple years and so what is the Fed going to do in the face of weakening economy and Rising unemployment we know what they're going to do they've done it before it doesn't work but that hasn't stopped them uh Peter getting back to Gold here uh you have been quoted as saying that twice in the last 15 years the US Stock Market lost more than half of its value that means it was down more than gold you've been criticized for your $5,000 gold calls what's your main message to critics here well I think the critics have to C put everything in perspective you know I've been recommending gold as a way to hedge yourself against monetary policy mistakes since the late 1990s and you know gold rose from under $300 an ounce to close to 2,000 and it has had a multi-year correction as everybody has falsely anticipated a successful conclusion to the fed's monetary experiment I think these bets are wrong they're the the same types of bets that people were making when they were buying subprime mortgages or when they were buying the Doom stocks but the price of gold has gone down because most people who are trading the metal don't perceive reality yet they soon will just like they did in the prior Bubbles and I think when the fundamentals or reality finally rears its ugly head I think the price of gold is going to rise very rapidly and I think there's a lot of people that are short to metal and I think they're they're going to be very surprised by the magnitude and how swift the losses actually materialize and I think that people need to make sure they're positioned properly along this Market before that turns around all right Peter finally at these levels is gold a buy for you now then well look obviously it's a buy it's below 1100 uh I think it's a great buying opportunity sure I said that a year ago uh and you never know uh exactly where the bottom is going to be there's certainly a lot of evidence out there that we're close enough to the bottom that it doesn't make any sense to hold off for for lower prices because I think the upside potential in Gold dwarfs what the downside risk is and I do believe that potential could be realized very rapidly so I think it's going to be very hard for people who aren't aren't positioned to chase the market once it runs away I think it it's much better to be prepared in advance yes sometime it's difficult because you're buying and you're not getting that immediate validation because the market is headed lower and everybody thinks it's going to keep going lower but I think that what you have to do is understand the real fundamentals and buy before everybody agrees with you because by the time everybody else understands that they need to be buying gold believe me the prices are going to be a lot higher and then my critics who you know were all over me for saying $5,000 gold they're probably going to jump on the bandwagon when gold is a lot closer to that number all right Peter thanks so much for your thoughts and my pleasure and thanks for watching this new edition of kcko gold report we'll see you tomorrow thanks for watching
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