Peter Schiff

In fact...

Energy prices are as cheap as they've ever been.

If you look at how many barrels of oil you can buy with an ounce of gold, oil is dirt cheap.

The question is, how long is it going to stay this cheap?

I don't think it's going to stay cheap.

I've been buying a lot of oil stocks now.

We've been increasing our allocation of energy because I think we're going to see a big move up.

In oil prices.

Well, there won't be a lot more gold because, you know, the supply of gold grows pretty slowly, one or 2% a year.

It has, right?

But that's a technology question.

Yeah, but we haven't come up with better ways.

Because the gold gets harder to get out of the ground.

The real easy gold has already been extracted, right?

Because they've been mining gold for hundreds of years.

So the gold that's still there is more difficult to get out of the ground.

But there hasn't been a major gold discovery yet.

In decades, there hasn't been a lot of investment in exploration and development.

So by the time the industry is able to attract enough capital into the sector, because nobody's been interested in gold mining, right?

It's been dead.