CNBC spoke with Peter Schiff on Friday about his positive outlook for gold. Peter emphasized that if you understand dollar debasement, gold is an obvious store of value no matter what the short-term trends look like:
“Take a look at how well gold has done relative to the stock market. The stock market has gone no where during a time period when gold has gone up several fold. I don’t care what happens day-to-day, month-to-month. You’re talking about long-term. Look, gold was up in 2012. It was up twelve consecutive years. The stock market hasn’t done that…I think we’re going to have two-trillion dollar deficits before Obama’s term is over…What is going to happen to the value of the dollar? They’re not mining that much gold, but they’re printing a lot of dollars.”