Schiff Sees Gold Prices Soaring Above $5,000 as Correction Comes to an End

Gold prices have seen an 8% surge over the past two weeks, leading to speculation about whether it's a dead-cat bounce or the start of a new bull rally. Peter Schiff, chief economist and global strategist at Europac, believes that the correction is 'clearly over' and predicts that gold could soon rally above $5,000 per ounce.

According to Schiff, the recent price increase is reminiscent of the pre-correction pattern seen before the US-Iran war broke out. He notes that gold prices are once again rising during Asian trading hours, which he believes will continue to strengthen in the New York session if Asian buyers, led by the People's Bank of China (PBOC), maintain their purchases.

While Schiff is bullish on gold, other analysts also share his optimism. Rashad Hajiyev, founder and senior analyst at RM Capital, points out that the gold price has already broken out of its multi-month correction, setting the stage for a potential 70% upside.