Economist Peter Schiff expected that gold will resume its role in the global monetary system, i.e. the return of the countries of the world to the gold standard, and this is not strange in light of the economic crisis the world is witnessing.
Veteran speculator believes that the price of an ounce of silver can reach $ 50, but this rise will be for a short time, describing silver as “the new bitcoin.”
He added, that gold is a strong competitor to the dollar when it comes to reserves, warning that “the American currency is about to collapse, and when that happens, the dollar will replace gold again.”
The economist advised everyone to stay away from the dollar before it was too late, and said, “The yellow metal will resume its role in the global monetary system, as the world will return to the gold standard whether the (US) Federal Reserve wants that or not.”