US dollar poised to ‘lose so much value’
Schiff’s bold forecast for gold’s future price is rooted in his long-held view on the risks of excessive money printing and inflation.
“I think the potential [for gold] is much higher because we’re just going to print so much money. We’re going to have so much inflation that the dollar is going to lose so much value that you’re really going to need a lot of dollars to buy gold,” he explained.
Gold has long been considered a popular hedge against inflation. Unlike fiat currency, the yellow metal can’t be printed in unlimited quantities by central banks. And with its value untethered to any specific currency or economy, gold often acts as a "safe haven" asset, especially during periods of economic or geopolitical uncertainty.
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9% inflation in 2025?
The headline inflation rate in the U.S. has subsided. In October 2024, the U.S. consumer price index showed a 12-month increase of 2.6%, a significant drop from its recent peak of 9.1% in June 2022.
While some economists have declared victory in the fight against inflation, Schiff has a different view.
“[Inflation] is not gone at all — it’s going to reemerge stronger than ever, not that it ever disappeared,” he stated.
“The CPI is finished going down and now it’s headed back up … we’ve been banging around 3% for the last year or so — that’s kind of like the bottom. And I think we’re trending back up and by 2025, we can easily be back up at 9% again year over year, maybe higher.”
Schiff isn’t just voicing predictions; he’s investing according to his beliefs. The latest 13F filing from Euro Pacific Asset Management reveals a significant emphasis on gold within Schiff’s investment strategy.
As of Sept. 30, the largest holding at Euro Pacific Asset Management was gold mining company Agnico Eagle Mines (AEM). Meanwhile, Euro Pacific’s second-largest holding was Barrick Gold (ABX), another heavyweight player in the gold mining business.
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