Comment: Peter Schiff: ‘Perfect Storm’ Building for Gold (and Silver)

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Peter Schiff: ‘Perfect Storm’ Building for Gold (and Silver)

Gold fell to an almost four-month low Thursday, but Euro Pacific Capital CEO Peter Schiff thinks the precious metal will come back soon enough — with a vengeance.

“You’ve got a perfect storm coming in the future,” he told CNBC. “Miners aren’t going to be able to produce enough of the stuff, because it costs so much to get it out of the ground.”

But thanks to global central bank easing, “the supply of paper money is going to go through the roof just at the time that the supply of gold and silver is shrinking,” Schiff said.

The money-printing means inflation, which means demand for gold, he noted. “You’re going to have the whole world waking up to this inflationary nightmare. [So] everyone will be rushing to buy gold and silver with all their dollars and all their euros, and there’s not going to be much to buy.”