US could be back on gold standard within two years: Schiff
Renowned investor Peter Schiff has told King World News that the US could return to the gold standard in as little as two years.
Schiff, the CEO of Euro Pacific Capital and Euro Pacific Precious Metals, had some emphatic remarks on the issue for KWN while attending the 2012 Republican Party Convention:
Eventually we will be back on a gold standard, not because politicians want it, but because the public demands it and the situation requires it. We are headed for a currency crisis, and the only way we’re going to stop it is by putting real value back into the paper dollar. So we have to tie it to gold.
Although Schiff remains skeptical about the actual intentions underlying the Republican Party’s establishment of a gold commission and strident speculation of a return to the gold standard, he believes that the US will be forced to repeg the dollar to the precious metal in the wake of a future currency crisis and sovereign debt crisis induced by ballooning deficits.
Schiff also said he expects a third round of quantitative easing following Bernanke’s Jackson Hole speech, saying ominously of the Federal Reserve chairman that he has still “got that card up his sleeve.”
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