Peter Schiff forecast gold at $4,000 by December 2025 and $6,000 in 2026, with the Dollar Index falling toward 90 this year and 70 next year in a recent interview.
“I don’t think I’ve ever been more bullish than I am now,” he said, citing “fundamentals” and “technicals” aligning across gold, silver, and miners.
He argued miners are leading the tape: the VanEck Gold Miners ETF is up 86% year-to-date and the Junior Gold Miners ETF is up 87%, while Newmont has “almost doubled.” Schiff added he expects Newmont to overtake Palantir for top S&P 500 performance by year-end.
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Schiff said prior downgrades of Newmont and Barrick at around $32 ignored his view that “$2,000 was the floor” for gold and “$30 was the floor for silver.” Gold is now “almost $3,500,” he said, and silver near $40 remains “cheap.”
“We have quite a ways to go in these miners — maybe at least another 50%, maybe 100%,” he said, arguing a “market multiple” on Newmont would imply a further double if gold keeps advancing.
On the metal itself, Schiff lifted his long-held targets. “Five thousand is not my target for gold now. It’s much, much higher… 10,000, 20,000,” he said, pointing to debt accumulation. Near-term, he reiterated “$4,000 by the end of this year… maybe $6,000 next year.”
He contrasted gold’s new highs with Bitcoin, calling it “anti-gold.” He noted Bitcoin is “13% below its record high,” around $107,000, versus gold near $3,450 — a ratio of (around) 31 ounces, below the (roughly) 36-ounce peak in 2021 — and warned of a break below $75,000 or even $50,000 leading to an “implode.”
On the dollar, Schiff said dollar indez has a “97 handle” now, could be “at 90” by year-end, and “back down to 70” by end-2026, potentially “cracking” the 2008 low over time. He framed the risk as a “sovereign debt” and “currency” crisis that would erode real returns in US stocks and bonds.
However, he was explicit on fixed income: “I couldn’t be more bearish on US bonds,” discouraging ownership of Treasuries, MBS, and corporates.
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