Peter Schiff: U S Rally Is Doomed, Gold Will Hit $5000
The worst is not over, according to Euro Pacific Capital's Peter Schiff, who predicts the Dow will fall another 90% from current levels when measured against gold.
Schiff believes gold is currently "climbing a wall of worry" but will eventually become as hot as tech stocks in 1999 and start moving up $100 per day - eventually hitting $5000 per ounce sometime "in the next couple of years,".
Peter predicts the Dow and gold will trade on a one-to-one ratio vs. the current level of around 9.7-to-1. His forecast is based on a view the U.S. dollar will eventually collapse under the weight of our massive deficit and reckless policies of the Obama administration, which he compares to the massive spending programs of the 1960s - which paved the way for gold's ascent in the 1970s.