Peter Schiff, an analyst and investor, spoke recently in an interview with RT on the prospects for gold and silver in the event of a new financial crisis, which, in his opinion, is inevitable.

According to the analyst, the manipulation of prices for precious metals by some traders is one of the main causes of price stagnation. For example, quite recently an employee of the American bank JP Morgan was convicted for manipulating the prices of precious metals. According to Schiff, manipulation is not the main cause of stagnating gold prices. "I think people do not understand what is happening in the world. No one understands either the situation in the US economy or the Fed policy. But when people understand what is really happening, it will be too late," said the expert.

According to him, it does not matter to what extent the cost of precious metals is manipulated in the short term. Much more important is the fact that in the long run their prices will rise. Advanced investors have long been buying gold and silver for their investment portfolios.

The analyst believes that the real manipulation does not occur in the market of precious metals by traders. Much more important is the manipulation of government bonds and interest rates from the central banks. “However, I believe that the credit bubble will soon burst. When the stock market collapses, people will realize that a serious recession is coming. That's when investors start buying gold,” said Peter Schiff in his interview.

The analyst still did not give his forecast for the value of gold. He believes that in a year prices will be much higher. Much will depend on how the credit bubble bursts. Schiff believes that soon there will be a wave of bankruptcies among US companies, which will affect many cities. If this happens, the cost of the precious metal will show the next price rally.