Peter Schiff appeared on Russia Today’s Prime Interest this week to talk about the gold market. In a lengthy interview, he discussed the problems of the gold carry trade between central banks and bullion banks, as well as why gold premiums rose so much with the recent price decline. Peter finished with a discussion about the importance of a gold standard.
“[Central banks] might be openly hostile [to gold], but privately they know that they need to own it. I think they’re trying to keep this fiat system going, but they have to know that it’s going to come to an end some day and they want to make sure they have as much gold as possible when it does. Whoever has the most gold when the music stops is going to win, and I think a lot of these emerging markets know that better than any of these central banks.”
Peter’s appearance begins at 2:20 below.
Follow us on Twitter to stay up-to-date on Peter Schiff’s latest thoughts: @SchiffBlog