Schiff advises investors to forgo currencies for precious metals

Peter Schiff, veteran economic pundit and president of Euro Pacific Capital, advises investors to stick with gold despite a recent downturn in bullion prices.

In a recent interview with CNBC Schiff says there are no currencies which provide a safe harbour investment at present, and that investors who just want to save their money should instead purchase precious metals which possess intrinsic value.

Schiff also notes that gold and silver prices should receive a boost from the surging business costs of mining companies.