Investors have flocked to gold in recent months, making it the best-performing commodity this year. The precious metal is expected to make much bigger gains thanks to unwise US policies, veteran broker Peter Schiff believes.

“Gold was really down today, but if you really understood what this means you would be buying gold as fast as you can,” Peter Schiff of Euro Pacific Capital told RT’s Boom Bust.

He explained that the recent extension of the debt limit and federal spending caps by US President Donald Trump and congressional leaders would lead to skyrocketing deficits over the next several years. This is even without a recession, which could hit very soon, according to the expert.

“Bigger deficits mean much more money printing, they mean a lot more inflation and all of this is very bullish for gold,” Schiff said, adding that the price may top $1800-$1900 per ounce, as seen several years ago.

“Ultimately the price of gold is gonna shoot past the 2011 highs and who knows how much higher it’s going, but much higher,” Schiff added.

For more stories on economy & finance visit RT's business section