Peter Schiff, more bullish than ever, sees gold headed to $5,000 an oz.

15-May (MarketWatch) — Despite a ho-hum performance year to date for gold, Peter Schiff, chief executive officer at Euro Pacific Capital, is still betting on gold’s eventual climb to $5,000 an ounce.

…Hemming in gold and supporting the dollar is the “false perception” that the Federal Reserve will raise interest rates, claims Schiff, who is known for his criticism of the U.S. central bank.

U.S. economic data has been “awful” and despite that, the Fed hasn’t changed its stance, he said. “We got a lot of weak economic data in the first quarter” and it’s going to be a “very weak” second quarter.

The nation’s economic growth slowed to a crawl in the first quarter, with gross domestic product expanding by a meager 0.2% annual pace.

The Fed is still “posturing” as if it’ll soon raise interest rates, but it won’t, Schiff predicts.

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