Peter Schiff on Fox Business says Gold could hit $5000 and a lot higher

Peter Schiff: “Gold is not getting more expensive, the dollar is just getting weaker.”

Fox: “Peter have you sold any of the gold that you’ve bought at 300 or less?”

Peter: ” No way! I’m still buying gold, I’m buying lots more. When you earn money, what are you going to do with it? You have to put it someplace, you cant’ leave it in cash.”

Analyst: “Peter is right. If we ever get our act together, if the fed starts raising interest rates, or at least shows some concern, we’re gunna see a correction in a big way, but thats just not happening”

Fox: “Theres alot of people who are betting on a higher dollar, what do you say to them?”

Peter Schiff: “They are going to be disappointed. Everything we are doing is weakening the dollar, and the fundamentals for the us economy are horrible. Everything that this government has done since this crisis began has actually worsened those fundamentals.

We’re in a much deeper hole than we were a year ago and so the dollar is gonna lose a lot of value
even if we do the right thing its gonna lose a lot of value, but if we keep doing the wrong thing. It’s gonna lose most of its value and it might even lose all of its value and people have to understand, that risk and that threat is very very real.

Fox: “Hold on a second, Peter I can’t let that last comment go. How is it possible for the dollar to lose 100 percent of its value?”

Peter Schiff: “Remember it has no intrinsic value, its just a piece of paper so it only has value to the extent that people have confidence in it and if the confidence goes the value goes.

And if they keep printing them, if Ben Bernanke drops em out of helicopters…and we’re trying to encourage Americans who are already broke to keep spending money they don’t have.

If the government keeps running deficits and try to borrow and spend our way out of this recession, the dollar is going to have no value, because nobody is going to want them.

More Peter Schiff: Schiff For Senate