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Peter Schiff: Gold to $5,000 by Oct 25, 2014

Peter Schiff's prediction that Gold would reach $5,000 by October 25, 2014 did not come true. Gold's best close before the deadline was $1,753 on November 23, 2012, 65% below the target. Peter Schiff made the call on CNBC on October 25, 2012, when Gold was at $1,702. The target needed a 194% rise in two years.

Updated

What was said

Photo of Peter Schiff
Peter Schiff

Chief Economist and Global Strategist, Euro Pacific Asset Management

CNBC, Oct 25, 2012SourceArchive

Photo: Gage Skidmore, CC BY-SA 3.0

Runaway public spending combined with excessively loose monetary policy by the Federal Reserve and other global central banks will push gold to $5,000 per ounce within the next two years, noted investor Peter Schiff said Thursday.

Schiff attributed the expected rise to runaway public spending and loose monetary policy by the Federal Reserve and other central banks. He argued that the Fed's bond-buying would eventually lead to hyperinflation and a sharply devalued dollar, leaving people little choice but to hold gold. He also said he expected a monetary and dollar crisis in the U.S.

How we checked this

MissedDeadline

Price when said
$1,702 closeprice data
Target
$5,000+194%
Best close
$1,753price data

The prediction comes true if any daily close from Oct 25, 2012 to Oct 25, 2014, inclusive, is at or above $5,000. Prices are daily spot closes in USD per troy ounce, not intraday highs.

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