Peter Schiff: Gold Could Easily Exceed $10,000 by End of Decade

According to TechFlow, on November 5, economist Peter Schiff said in an interview that gold prices could rise even higher and easily exceed $10,000 by the end of this decade, more than doubling from the current level of about $4,000.

Schiff believes junior gold mining stocks may offer greater opportunities than gold itself. He said that during the previous rally, smaller miners were relatively overlooked, while large producers such as Newmont, Barrick, and Agnico, flush with cash from gold sales, are more likely to acquire small miners with existing reserves than invest in high-risk exploration, potentially leading to industry consolidation.

Schiff also noted that the Euro Pacific Gold Fund (EPGFX), which he manages, has a higher allocation to smaller miners to capture potential acquisition opportunities. He also expects that the economy may enter a stagflationary environment in the future, saying the market has not fully priced in the impact of Democrats gaining control of Congress after the midterm elections and further widening the deficit.

Source: TechFlow