Peter Schiff: When Everything Blows, Gold Is Going Ballistic

"I think people are just completely clueless with respect to what's actually going on in the world. They don't understand the US economy; they don't understand the Fed. 

But they're about to get a rude awakening and the smart money is buying gold, whether it's being manipulated or not in the short run, gold and silver are both going way up in the long run. And the long run may be here much sooner than people think.

You want to talk about manipulation? It's the central banks that have been manipulating bond prices and interest rates, far more than traders were able to manipulate gold and silver. 

But I think the air is coming out of that bubble. And as this US stock market implodes, as more and more people realize that a massive recession that is even bigger than what we now call the Great Recession of 2008 is actually around the corner - and this credit bubble is far bigger than the one that popped in 2008, that one produced a financial crisis. 

This one is going to produce something much worse - So as people actually figure this out, they're going to be buying gold and they're going to be buying it in a big way."

- Source, Peter Schiff