“King dollar’s reign is coming to an end. Gold will take the throne as the primary central bank reserve asset. That means the US dollar will crash against other fiat currencies, and America’s free ride on the global gravy train will end. Prepare for a historic economic collapse,” Schiff said in a tweet.
Schiff is also the Chairman of SchiffGold.com, a full-service physical precious metals dealer.
Schiff, a strong proponent of the yellow metal, also said that investors who avoided buying gold, expecting prices to fall, are now accepting that gold’s rally is here to stay.
The comments were made after gold breached the $4,500 mark for the first time ever. The international spot price is currently hovering around $4,537.90. On Friday, prices were up by $35.10 an ounce, or 0.78%.
Gold has delivered its best-ever returns this year.
Domestic gold prices have surged by over 80%, driven by safe-haven demand, buying by central banks, and rupee weakness.A report by the World Gold Council (WGC) called the yellow metal’s 2025 rally “remarkable”, with over 50 all-time highs hit during the year as of December 4.
Also Read: Gold breaches $4,500 for first time in international markets. How soon in 2026 can it hit $5,000?
On the 2026 outlook, the WGC said the future will be shaped by ongoing geo-economic uncertainty. “The gold price broadly reflects macroeconomic consensus expectations and may remain rangebound if current conditions persist. However, taking cues from this year, 2026 will likely continue to surprise. If economic growth slows and interest rates fall further, gold could see moderate gains,” it said.
“In a more severe downturn marked by rising global risks, gold could perform strongly. Conversely, a successful outcome from policies set by the Trump administration would accelerate economic growth and reduce geopolitical risk, leading to higher rates and a stronger US dollar, pushing gold lower,” the note added.
(Disclaimer: The recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times.)
