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The following article was published in our article directory on February 13, 2013.
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Silver Dollar Values Prices Skyrocket, Peter Schiff: Gold To Go Higher Than $2,000 - Gold Prices

Article Category: Finances

Author Name: James A. Bakerman

Because more business leaders convey concern over the possibility of a fiscal cliff, safe haven investments like gold seem more enticing. But specialists also warn against jumping in to the gold rush. Raymond Key, head of metals trading at Deutsche Bank, told reporters this week he expects gold to surpass $2,000 an ounce next year.

The price of gold is currently around $1,700 an ounce in futures trading, down from prior highs of $1,900, not adjusted for inflation. Peter Schiff, CEO of Euro Pacific Precious Metals in New York, stated gold could rise even further. "I think the price of gold is going to go a lot higher than $2,000," Schiff stated.

Schiff said the reason why the price is not higher than $2,000 now is that many people don't have a complete grasp of the country's present financial challenges. "People don't comprehend the real scenario the U.S. is in or the international economy," he said.

Schiff, author of "Crash Proof 2.0: How to Profit from the Economic Collapse," was referring to worries about inflation and the fiscal cliff, a package of tax increases and spending cuts that are anticipated to take place in 2013 unless Congress agrees on a spending budget prior to then.

Many reports show that most taxpayers will have greater tax rates next year, such as payroll taxes and taxes for high earners, when the federal fails to reach an agreement that would avoid the fiscal cliff.

However, even if the fiscal cliff is avoided, there are other issues. Schiff fears inflation is devaluing the U.S. dollar because the Federal Reserve is preserving near-zero interest rates through mid-2015 in the hope of stimulating the economy, especially the country's struggling labor market. "You can own dollars and watch your savings evaporate," he said. "The alternative would be to own gold."

Known as a safe haven investment, bullion, or gold bars, is expected to attain its 12th annual gain, as investors are concerned about further financial fallout in the European Union and a volatile post-election economy. "The only method to avoid hyperinflation would be to go over a much larger fiscal cliff," Schiff said. "Unfortunately, inflation is going to get much worse. If the Fed does not do something about it, gold is going to go ballistic," Schiff said.

Experts warn customers against gold-related scams, like clients who had been charged 55 percent more for gold coins than their actual worth. Goldline International agreed to pay $4.5 million to people who had purchased gold coins in one scam. Schiff published a report about classic gold scams and tips to avoid getting scammed that's available at no cost download on-line.

One common scam will be the "bait-and-switch" in which dealers will try to get consumers to switch to rare coins from bullion, claiming they're a better investment when in reality they can be more risky.

The Federal Trade Commission lists tips for customers contemplating purchasing or selling gold, such as noting that the price of gold fluctuates over time and that there's no guarantee that gold will increase or maintain its worth. The FTC also states that if you are purchasing bullion coins or collectible coins, ask for the coin's melt value, the fundamental intrinsic bullion value of a coin if it were melted and sold. Professionals and experts recommend buying gold and silver only from a reputable online dealer such as Kitco.

Keywords: kitco silver, kitco, silver, gold, silver price, gold price, silver prices, gold prices, gold and silver, investing, precious metals

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