The economy is headed for the "biggest bust ever" and investors should absolutely be piling onto gold right now, said Peter Schiff, CEO of Euro Pacific Capital.
"The dollar is going to fall into a vacuum. I think the only buyer is going to be the Federal Reserve, but that just means that we have to deal with all the inflation that we're creating. We can't export it to our trading partners, so I think this is going to be the perfect storm for gold," Schiff told Kitco News.
Schiff noted that people are oblivious to the signs that the U.S. economy is slipping into recession, while markets are seemingly ignoring any bad news.
"As this reality rears its head, gold prices are going to start to rise," he said.
This article is commentary by an independent contributor. At the time of publication, the author held TK positions in the stocks mentioned.