Gold prices hit record highs above $1,200 an
ounce, with funds lengthening positions due to expectations
of more dollar weakness and more central bank buying. How should
investors be positioned? Lou Grasso, gold trader at Millennium
Futures, and Peter Schiff, president of Euro Pacific Capital,
shared their outlooks.
“[Gold at] $1,200 is not expensive, considering
all the money that we’ve created and all the money we’re
going to create—not only the Federal Reserve, but central
banks around the world,” Schiff told CNBC.
Schiff said inflation pressures will drive gold prices up to
$5,000 an ounce and investors should stock up right now.
