Oh no! It’s that man again. Some Wall Street market participants may want to ignore him, even deride him, but it might be time to pay a bit more attention to the gloom-and-doom predictions of Peter Schiff.

Wild market gyrations early Thursday, highlighted by gold futures US:GCJ6 rocketing more than $50 higher in a single session and flirting with a close above $1,250 an ounce, and benchmark yields on the 10-year note tumbling to TMUBMUSD10Y, 0.673% 1.57% earlier Thursday morning in New York, before coming back somewhat, show that a rush to haven assets is in full throttle.

How bad are things? Even billionaire Dallas Mavericks-owner Mark Cuban has said he’s buying gold, he told CNBC on Thursday during a phone interview.

In an interview with MarketWatch early Thursday, Schiff offered the equivalent of an “I told you so.”

“People just don’t want to give me credibility by acknowledging that I had it right, because it means that they have to acknowledge that they had it wrong,” he said.

Of course, while gold is trading at a one-year high as investors scramble for safe assets, the yellow metal is still far off the $5,000 target Schiff first offered in October 2012—a level he predicted would be achieved within a few years, according to CNBC. Around that time, gold was changing hands just under $1,800 an ounce and subsequently fell to nearly $1,050 an ounce by December 2015.

Schiff’s critics point, in part, to his persistent and unrealized postcrisis calls for the Fed’s ultraloose monetary policy to lead to soaring inflation and a dollar collapse. Instead, the big fear for global policy makers right now is the prospect of deflation, while the dollar has rallied sharply since mid-2014. Critics have taken Schiff to task for his refusal to put a date on his inflation calls.

Schiff said his inflation forecasts haven’t come to pass yet because he didn’t foresee how far central banks could go in pursuing easy-money policies. How far will they go? Fed

Thursday’s fireworks, which saw the Dow Jones Industrial Average DJIA, -0.46% and the S&P 500 SPX, -0.84% join a global equity rout, don’t mean the end of the world. But a growing sense of nervousness about the health of stock markets world-wide, a slowdown in the global economy, flagging corporate profits, and fading confidence in the ability of central bankers to navigate these choppy waters has investors flummoxed.

Perhaps even more unsettling is the fact that the early volatility in the market came less than 24 hours after Federal Reserve Chairwoman Janet Yellen delivered testimony on Capitol Hill that typically has soothed investors’ worst fears about the U.S. economy (Yellen is spoke again on Thursday in front of a Senate committee.).

Schiff’s sharpest criticism about the state of the markets has been reserved for Yellen and central bankers abroad. “We’re still early in the process of Fed capitulation,” Schiff said. His argument is that the central bank should not have raised rates and should be acknowledging that the U.S. economy—and the global economy for that matter—is in poor shape.

“The real mistake was lowering rates and leaving them there for as long as they did,” Schiff said. “What I’ve been waiting for Yellen to say is that ‘the market is much weaker than I thought,’” he said.

Yellen came close Wednesday in front of a congressional committee, saying that conditions “have become less supportive to growth.” But the Fed boss still left open the door to a rate increase in March.

Not everyone believes the market is terrible shape. But there has been increasing talk of a bear market—a decline in stocks of 20% or more from a recent peak—and recession, loosely defined as slowing economic growth for two consecutive quarters but officially defined by the National Bureau of Economic Research as a “significant decline” in activity spread across the economy.

Read: Bank stocks rocked by recession fears

Schiff’s dogged but prescient calls ahead of the 2008 financial crisis earned him plaudits on Wall Street as one of the few able to see a global economic crisis brewing. Back then, Schiff was largely ignored. This time he’s having a similar Cassandra-like effect on market participants.

His doom-saying is rooted in the belief that problems from the last economic crisis have been papered over by ultraloose monetary policy rather than genuine growth. Schiff argues that the U.S. market may be in worse shape because although consumers have less debt compared with the 2008 crisis, it comes at the expense of homeownership, which is at its lowest level since the 1960s. That implies that consumers have less equity to work with in times of crisis and are beholden to increasing residential rents.

Schiff isn’t alone in his criticism of central banks and his dire outlook for stocks. Look no further than perma-bear Marc Faber and Société Générale’s Albert Edwards, who predicts a 75% fall in the S&P, for other bearish takes on the world.

And loading criticism upon the shoulders of central bankers—much of it misplaced—has been a common parlor game since the financial crisis. But there is a lingering sense that central bankers are now losing their grip, highlighted by formerly unprecedented moves into negative interest rates (Sweden on Thursday cut its rates further in negative territory) and further measures of easing being enacted at Mario Draghi’s European Central Bank and elsewhere.

Also read: This map shows all the central banks with negative interest rates

For many, Schiff’s chicken-Little take on the world is over the top, exemplified by his wildly bullish call for gold. He told MarketWatch that the yellow metal could hit those lofty levels of $5,000 an ounce by the end of this decade, if not the end of the year, but, as mentioned, his calls have fallen short before.

Schiff owns stakes in gold stocks, including Barrick Gold Corp. US:ABX, which is up a whopping 69% year to date, Newmont Mining Corp. NEM, -1.44% , up 41% so far in 2016, among others. Schiff says he added to his gold holdings as gold prices fell.

“It’s good to finally be making money,” said Schiff, acknowledging that his calls have taken a while to play out. Indeed, Newmont, trading above $25 a share, remains well off its 2011 high above $70.

Still, it isn’t all roses and sunshine. Schiff is long energy stocks, which have been pulverized over the past several months. The Energy Select Sector SPDR ETF XLE, +0.14% , for example is down 11.3% this year and 32% over the past 12 months, according FactSet data. And West Texas Intermediate crude trading on the New York Mercantile Exchange closed at it lowest level since 2003 on Thursday.

Schiff’s bet is that the Fed will admit the error of it ways and state that it won’t lift interest rates in 2016, which may drag the dollar DXY, -0.02% lower and provide a boost to dollar-denominated assets like gold and oil.

It’s unclear if Schiff’s views will play out perfectly. But it may be worth lending an ear to the bear camp, given the carnage that has played out in the market lately.

“It’s not that I’ve been a stopped clock [right at least twice a day], it’s that the events that I’ve been talking about have been building and have finally come to a head,” Schiff said.