Longer-term, gold prices are headed much higher than current levels and could even go to $5,000 an ounce, this according to Peter Schiff, CEO of Euro Pacific Capital. “I do think that this is the beginning of the breakout of the consolidation that we’ve been in for the last several years, but ultimately I think gold’s going to go quite a bit higher than $5,000,” Schiff told Kitco News.

Could Bitcoin’s Biggest Convert Be Peter Schiff?

The cyrptocurrency community may not be getting a new recruit from Peter Schiff after all. The CEO of Euro Pacific Capital said that bitcoin is “overhyped, digital nothing” and he doesn’t plan on buying any in the foreseeable future. “I think it’s funny that the people in the bitcoin community are creating this fake news story that somehow I’m now a convert and I’m a secret bitcoin hot alert. There’s nothing secret about it, yes, I’ve been gifted some bitcoin, so what? I’ve never actually purchased any, nor do I actually intend to purchase any bitcoin,” he said. In fact, Schiff said he wants to convert bitcoin investors to gold. “I want to help people make the conversion from fool’s gold into real gold,” he said.