Peter Schiff: Panic Out of the Dollar Could Send Gold Above $10,000

Peter Schiff today called for gold to eventually reach levels NORTH of $10,000 (seems suddenly a popular target after Jim Sinclair upped his $1650 call to $12,500 recently), as well as stating that silver has bottomed in the lower $30's.
Schiff is looking for $50 to soon be the new $30 for silver- meaning people will soon be waiting for a dip back to $50 to accumulate physical silver.
As we have stated here many times, it won't be long until silver's current dip down to ~$30 is looked back on with nostalgia similar to the 2008 dip down to the $8 range.

The rush to get out of the dollar will turn into a stampede and then it will look rather disorderly.  The effects will be rather pronounced on prices for consumer goods, particularly things like food and energy.

It will also put more pressure on interest rates to rise and put more pressure on the Fed to do even more QE to try to suppress them (interest rates).

I’m surprised gold is as cheap as it is given all of the money we’ve already printed and the money we’re threatening to print.  Over $10,000 (gold) could happen, there’s no floor on the dollar, so there’s no ceiling to gold.....
I don’t know how reckless and irresponsible the Federal Reserve and Congress are ultimately going to be, but they could certainly be reckless enough to drive gold north of $10,000.

Click here for Peter Schiff's entire interview today with KWN: