Despite U.S. stocks rallying, well-known investor Peter Schiff isn’t too impressed. “Even though the Dow is at new highs today, it’s at a two- to three-year low if you price it to really money, which is gold,” he told Kitco News on the sidelines of this year’s Freedom Fest in Las Vegas. “Stocks are not going up, the value of money is going down and gold proves that.” Schiff said he remains bullish on gold as markets continue to realize that the Federal Reserve won’t be able to raise rates. “What hurt gold up until this year was the widespread consensus that rates were headed much higher and the balance sheet was gonna shrink,” he explained. “I believe now people are starting to realize that all the anticipated rate hikes are never going to materialize.”
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