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Euro Pacific Asset Management Chief Economist Peter Schiff assesses the economy under President Donald Trump, its impact on gold and more in “The Claman Countdown.”
How gold prices As it continues to rise, U.S. economist Peter Schiff says investors should see the rally as more than a hedge, calling it a warning that inflation is accelerating, the U.S. dollar is losing global confidence and a major economic balance may be around the corner.
“Gold and silver are warning of a bigger crisis coming later this year or maybe next year. We’re headed for a US dollar crisis and a sovereign debt crisis,” Schiff said late Tuesday. “Claman’s Countdown”.
“Central banks are buying gold to back up their currencies. They’re getting rid of dollars. They’re getting rid of Treasuries,” he continued. “We’re headed for (an) economic crisis, again, that will make the 2008 financial crisis look like a Sunday school picnic.”
Carrie Sheffield, senior policy analyst at the Independent Women’s Forum, told Fox News Digital on Wednesday that some commentators “like to make a play for prime time with strong predictions” that often don’t match reality.
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The stockbroker opened his opening argument by stating that the federal government is the main reason gold has reached an all-time high because the US dollar is “at an all-time low.”
A trader works on the floor of the New York Stock Exchange (NYSE) at the opening bell on January 23, 2026. (Getty Images)
Sheffield also noted that inflation remained much lower under former President Trump’s policies than during the Biden administration, citing data from the Bureau of Labor Statistics showing stronger growth and more stable prices in 2025.
“During President Trump’s second term, data from the Bureau of Labor Statistics show that inflation averaged 2.7%. This compares to 5.0% during the Biden administration and just 1.9% during the first Trump administration. Thanks to smart tax, regulatory and energy policies, America saw phenomenal GDP growth of 4.4% in the third quarter of 2025 and 5% growth by 2025 in Atlanta,” he said.
“We’ve had pretty solid numbers. I mean, of course, consumer sentiment is very iffy, depending on the month, but Peter,” said host Liz Claman, “people’s incomes are pretty solid. We’re starting to see some real gains in productivity.”
“Unfortunately, the numbers are not precise. They are very skewed, they will be revised, and inflation influences a lot of it,” Schiff said. “Inflation is going to be much more pernicious over the next few years than it was when Biden was president, unfortunately. That’s what gold and silver are telling you. They’re a warning.”
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“Just like in 2007, when the subprime market blew up, something I had been predicting would happen for years and something I was betting on, when it happened, I knew it foreshadowed a bigger crisis that hit the following year. But the mainstream investment community, the Federal ReserveBen Bernanke said subprime was contained. I didn’t understand the problem,” he expanded.
“We depend on the world. They provide us with the goods we don’t produce. They lend us the money we don’t save. Trump has it backwards. The world economy doesn’t work because of us, our economy works because of the world,” Schiff said. “We have a dysfunctional consumer-driven credit economy that is underpinned by the US dollar’s reserve currency status, and the world is now pulling the rug out from under the US. The dollar will collapse. The dollar will be replaced by gold.”
Schiff also said there will be no ceiling on gold prices, as “there is no floor to the dollar.”
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“The biggest difference between the crisis we’re about to have, and the one we had then, is that this is all in America. It’s not going to be exported to the rest of the world,” he further clarified. “It’s a global financial crisis. It’s an American financial crisis, the rest of the world will benefit.”
“While there has been some global volatility with activity in Venezuela, Russia and Iran, domestically the United States is in a strong and growing position under President Trump,” Sheffield responded.
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A White House The spokesman echoed that optimism, pointing to foreign investment and record demand for the Treasury.
“Foreign holdings of US Treasuries recently hit an all-time high as business leaders continue to pour trillions into investments to make and hire in America. Panics have predicted doom and gloom since the day President Trump took office, and instead Americans have seen inflation fall, real wages rise and GDP growth accelerate,” said White House spokesman Kush Digital Desa.
