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Gold at $5,000 and beyond: Peter Schiff sticks to his call

So what does one of the biggest gold bulls out there have to say about recent action that has been anything but bullish for the precious metal?

“It’s hardly any move. These are small moves and the media likes to make a lot of noise whenever this happens. ‘We told you, gold’s a bubble. Get out,’” says Peter Schiff , the chief executive and chief global strategist of Euro Pacific Capital, who has been calling for gold to hit $5,000 since 2000, when it traded at around $300 an ounce.

Gold has languished since Monday’s pummeling, which saw it hit five-week lows. And gold is being outperformed by every other precious/base metal out there so far this year. HSBC lifted its silver SIH3 -0.03% forecasts on Wednesday. (Also, check out 7 gut checks, which mentions what one hedge fund has said about gold recently.)

But Schiff is nonplussed. “If you compare the volatility to stock markets, it’s a lot less volatile. Also, whenever the stock market makes a nominal new high, the bias in the media against gold goes up,” says Schiff.

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