We may be a few months away from the next US Presidential Election but price forecasts indicate now is the time to buy gold to seriously benefit. The CEO of Euro Pacific Capital, Peter Schiff says that the election could push gold to record highs, with a new elected president likely to send gold prices rocketing to $2000 and beyond. He also notes that the trade deal isn’t the perfect solution it may be seen as, suggesting that more unrest will push gold prices higher in the short and medium term.
He says, “The trade deal really doesn’t amount to much. It’s more hype… nothing was really accomplished. Everything is supposedly back end loaded into phase two – but I don’t think there is going to be a phase two. The government isn’t even getting rid of the tariffs. The tariffs are still here so there is still a problem. This isn’t a game changer for the US economy at all.
“Gold can go a lot higher. I think if Trump is not re-elected, if we get President Sanders, gold should go above $2000 this year. If it’s not above $2000 by the election, it should be at $2000 election night as we get the results but ultimately, gold goes much higher than that. Remember, gold got up to $1900 in 2011 and that was following a ten-year run where gold started below $300… now people are coming to the conclusion that QE (quantitative easing) is indefinite and that rates are never going to normalise, the bottom is going to drop out of the dollar and that means gold goes through the roof.”
