If you thought the recent bout of market volatility was bad, a bear market decline of 20% in stocks is on the horizon, according to Peter Schiff, CEO of Euro Pacific Capital.

Schiff told TheStreet the "[Janet] Yellen put" in the markets could expire under President Trump. "I don't know if the Fed has much love for Trump," he said, adding that the Fed had the markets' back during the Obama Administration.

One black swan event Schiff sees is the notion of investors abandoning the euphoria over Trump's presidency, which helped fuel the stock market rally this year.

"We've had a huge move up since the election of Trump even though prior to the election the expectation was if Trump won it [would be a disaster for markets]," he said.

When asked if the two straight quarters of double-digit earnings growth has sparked the rally in stocks this year, as opposed to solely Trump, Schiff pointed to earnings headwinds in the retail sector.

The S&P 500 is up 10.5% since the start of the year.

Watch the full interview with Peter Schiff:

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