Peter Schiff: Gold Would Explode With A Bernie Sanders Presidency

Peter Schiff: Gold Would Explode With A Bernie Sanders Presidency

Bernie Sanders
A market analyst predicts the gold price could reach $2,000 before the U.S. presidential election if the market thinks that Bernie Sanders is going to win. Democratic presidential candidate, Sen. Bernie Sanders, I-Vt., speaks during a candidates forum at the 110th NAACP National Convention, Wednesday, July 24, 2019, in Detroit. Image: AP Photo/Carlos Osorio

In January, gold was at $1,594.70, hitting its highest level in almost seven years and thanks to Bernie Sanders, the gold price could see further gains.

A Fox News poll showed that 23 percent of Democratic primary voters prefer the Vermont senator to other candidates, up from 20 percent in December, raising the chances of a Sanders presidency.

Sanders matches up favorably against President Trump, leading 48 percent to 42 percent in a head-to-head matchup.

“If Sanders becomes president in 2020, the price of gold will be well above $2,000 on the day after election night,” Peter Schiff, chief executive officer and president of Euro Pacific Capital told Fox Business.

Schiff predicts that gold could reach $2,000 before the election if the market thinks that Sanders is going to win.

“What a Sanders win means is much bigger government deficits, and much more money printing by the Fed because there is no way to finance all of the spending that will happen with tax hikes on the rich,” Schiff projected.

“We’ll get tax hikes on the rich, but they’re not going to provide the revenue to pay for the programs.”

According to Schiff, the U.S. budget deficit will get bigger with Sanders as president.

The U.S. budget deficit was up 11.8 percent through the first three months of this budget year to $356.6 billion and on track to top $1 trillion for the first time in eight years.

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Sanders also promised to cancel more than $1 trillion of U.S. student debt and has also been a proponent of other massive spending projects.

“There is going to be no Republican opposition to the deficits that would finance the spending because after all, the Republicans didn’t object to record deficits under Trump when the economy was supposedly the greatest ever,” Schiff said.

“The deficits could be three or four trillion dollars a year and the money printing will be off the charts.”