The only direction for gold prices now is up says one investment expert, as a recession which could be much worse than the one we saw in 2008 looms large on the horizon.

The CEO of investment advisory firm Euro Pacific Capital, Peter Schiff says gold will be the only safe haven asset in the event of a recession. He explains, “The 2008 financial crisis was started by a drop in real estate prices, this one is started by the coronavirus. What’s causing the crisis is not the pins, it’s the bubble; it’s the debt. It’s because of all the debt we had a crisis in 2008, and because we have even more debt now, this is going to usher in an even bigger financial crisis.

“It’s the financials that are really getting killed, and the reason they’re getting killed is they’re holding all the bad paper. They have made all the loans that are not going to get repaid, so this is just like 2008, only it’s not just the banks that are going to need a bailout, it’s the hotels, its’ the airlines, it’s companies like Boeing, it’s the cruise lines.

“Gold is going to be the only safe haven left standing.”

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