Peter Schiff: Gold prices could easily exceed $10,000 by the end of the decade

According to TechFlow, on November 5, economist Peter Schiff stated in an interview that gold prices will continue to climb, easily surpassing $10,000 by the end of this decade, which represents more than a doubling from the current level of approximately $4,000.

Schiff believes that opportunities in junior mining stocks may outweigh those in gold itself. He noted that during the previous rally, small mining companies were relatively overlooked. Major producers such as Newmont, Barrick, and Agnico, flush with cash from gold sales, are more likely to acquire smaller miners with established reserves rather than invest in high-risk exploration, potentially triggering a wave of industry consolidation.

Schiff also mentioned that the Euro Pacific Gold Fund (ticker: EPGFX), which he manages, maintains a significant allocation to small mining companies to capitalize on potential acquisition opportunities. He also anticipates that the economy may enter a period of stagflation, noting that the market has not fully priced in the impact of Democrats gaining control of Congress after the midterm elections and the resulting further expansion of the deficit.