Peter Schiff: Gold Rally Indicates Impending Dollar Crisis and Economic Collapse
Euro Pacific Asset Management chief economist Peter Schiff assesses the economy under President Donald Trump, its impact on gold and more on ‘The Claman Countdown.’
As gold prices continue to rise, American economist Peter Schiff warns that this rally should be viewed as more than just a hedge against inflation. He suggests it signals a loss of global trust in the U.S. dollar and hints at an impending economic reckoning. “Gold and silver are warning about a bigger crisis that’s gonna hit either later this year or maybe next year. We are headed for a U.S. dollar crisis and a sovereign debt crisis,” Schiff stated during an appearance on “The Claman Countdown.”
Schiff elaborated, “Central banks are buying gold to back up their currencies. They’re getting rid of dollars. They are getting rid of treasuries.” He believes that the economic crisis looming ahead will be far worse than the 2008 financial crisis, describing it as a situation that will make that event look like “a Sunday school picnic.”
In response to Schiff’s predictions, Independent Women’s Forum senior policy analyst Carrie Sheffield expressed skepticism, noting that some commentators tend to make sensational forecasts that often do not align with reality. She highlighted that inflation rates were significantly lower during former President Trump’s administration compared to the current administration, citing Bureau of Labor Statistics data that shows stronger growth and steadier prices in 2025.
PREDICTION MARKET TRADERS PLACE ODDS OF GOVERNMENT SHUTTING DOWN AT 80%
Schiff argues that the federal government is primarily responsible for gold reaching its all-time high, as the U.S. dollar is “at an all-time record low.” He pointed out that during Trump’s second term, inflation averaged 2.7%, compared to 5.0% during Biden’s administration and just 1.9% during Trump’s first term. “Thanks to smart tax, regulation, and energy policies, America saw a phenomenal 4.4% GDP growth in the third quarter of 2025,” Sheffield noted.
A trader works on the floor of the New York Stock Exchange (NYSE) at the opening bell on Jan. 23, 2026. (Getty Images)
Despite the positive economic indicators, Schiff remains critical, stating, “Unfortunately, the numbers are not accurate. They’re highly skewed, they’re gonna be revised, and a lot of it is being influenced by inflation.” He predicts that inflation will be more severe in the coming years than it was during Biden’s presidency, asserting that gold and silver are signaling this impending crisis.
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Schiff draws parallels between the current economic climate and the 2007 subprime mortgage crisis, stating, “Just like in 2007, when the subprime market blew up – something that I had been forecasting would happen for years – I knew that it was foreshadowing a bigger crisis that hit the following year.” He emphasizes that the upcoming crisis will be distinctly American, stating, “It’s a global financial crisis. It’s an American financial crisis; the rest of the world is actually going to benefit from it.”
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While Schiff paints a grim picture of the future, Sheffield counters that the U.S. remains in a strong position under Trump’s leadership, despite some global volatility. The White House has not yet responded to requests for comment regarding these economic assessments.
Euro Pacific Asset Management chief economist Peter Schiff assesses the economy under President Donald Trump, its impact on gold and more on ‘The Claman Countdown.’
As gold prices continue to rise, American economist Peter Schiff warns that this rally should be viewed as more than just a hedge against inflation. He suggests it signals a loss of global trust in the U.S. dollar and hints at an impending economic reckoning. “Gold and silver are warning about a bigger crisis that’s gonna hit either later this year or maybe next year. We are headed for a U.S. dollar crisis and a sovereign debt crisis,” Schiff stated during an appearance on “The Claman Countdown.”
Schiff elaborated, “Central banks are buying gold to back up their currencies. They’re getting rid of dollars. They are getting rid of treasuries.” He believes that the economic crisis looming ahead will be far worse than the 2008 financial crisis, describing it as a situation that will make that event look like “a Sunday school picnic.”
In response to Schiff’s predictions, Independent Women’s Forum senior policy analyst Carrie Sheffield expressed skepticism, noting that some commentators tend to make sensational forecasts that often do not align with reality. She highlighted that inflation rates were significantly lower during former President Trump’s administration compared to the current administration, citing Bureau of Labor Statistics data that shows stronger growth and steadier prices in 2025.
PREDICTION MARKET TRADERS PLACE ODDS OF GOVERNMENT SHUTTING DOWN AT 80%
Schiff argues that the federal government is primarily responsible for gold reaching its all-time high, as the U.S. dollar is “at an all-time record low.” He pointed out that during Trump’s second term, inflation averaged 2.7%, compared to 5.0% during Biden’s administration and just 1.9% during Trump’s first term. “Thanks to smart tax, regulation, and energy policies, America saw a phenomenal 4.4% GDP growth in the third quarter of 2025,” Sheffield noted.
A trader works on the floor of the New York Stock Exchange (NYSE) at the opening bell on Jan. 23, 2026. (Getty Images)
Despite the positive economic indicators, Schiff remains critical, stating, “Unfortunately, the numbers are not accurate. They’re highly skewed, they’re gonna be revised, and a lot of it is being influenced by inflation.” He predicts that inflation will be more severe in the coming years than it was during Biden’s presidency, asserting that gold and silver are signaling this impending crisis.
Independent Women’s Forum’s Patrice Onwuka joins ‘Fox & Friends First’ to weigh in on the impact of economic impact of President Donald Trump’s trade deals.
Schiff draws parallels between the current economic climate and the 2007 subprime mortgage crisis, stating, “Just like in 2007, when the subprime market blew up – something that I had been forecasting would happen for years – I knew that it was foreshadowing a bigger crisis that hit the following year.” He emphasizes that the upcoming crisis will be distinctly American, stating, “It’s a global financial crisis. It’s an American financial crisis; the rest of the world is actually going to benefit from it.”
GET FOX BUSINESS ON THE GO BY CLICKING HERE
While Schiff paints a grim picture of the future, Sheffield counters that the U.S. remains in a strong position under Trump’s leadership, despite some global volatility. The White House has not yet responded to requests for comment regarding these economic assessments.
