The whole recovery theory that the Federal Reserve is basing the taper on is the wealth effect from rising asset prices. But we can`t have rising asset prices without even more support from the Federal Reserve. So, when the market realizes this, that there is no exit strategy, that it is cheap money forever, then it is going to be more than 85 billion a month of QE. Then you are going to start to see a huge increase in the price of gold as you get tremendous downward pressure on the U.S. dollar.
Peter Schiff is an American businessman, investment broker and financial commentator. Schiff is the CEO and chief global strategist of Euro Pacific Capital Inc.
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