ETF.com: Is there one region or country that really jumps out at you, about which you're saying, "We're most bullish on this country or region"?
Schiff: I don't know if there is any one country in particular. I know Asia is where we're probably the most overweight—countries that have a lot of natural resources, as well. I'm still very bullish on commodities long term, so I think some economies are going to benefit from that.
ETF.com: Let's talk about precious metals. You're a gold bull. Do you prefer gold over other precious metals, such as silver or palladium, which have other industrial uses?
Schiff: No, not necessarily. When I talk about gold, generally I have the same advice for silver. Palladium is a little bit more different, and platinum, because they might have more volatile swings, based on their industrial use. Silver, even though it has an industrial use, is still viewed in a way as a monetary metal. Even though platinum and palladium are precious metals, I think they're almost exclusively seen as industrial. Platinum is generally more expensive than gold per ounce, although once in a while it goes the other way.
I am advising people to own gold as a substitute for dollars, euros or yen. I'm looking for it for its monetary properties. I'm looking for the eventual remonetization of gold. If you look around the world at central banks, central banks hold a lot of gold, although not nearly as much as they need, and not nearly as much as they're going to buy.
They don't hold palladium. They don't hold platinum. They don't hold silver. I mean gold historically has been the main monetary metal. So I generally talk about gold when I'm talking about using real money as opposed to fiat.
But I'm bullish on all commodities, which would include gold, silver, platinum. Historically, when you have a bull market in gold, you also have one in silver. If you look at the ratio between gold and silver today, most likely if my gold target is reached—I've been talking about $5,000 gold, which I think is kind of like a minimal, probably going to go higher than that—silver proportionally will be a lot higher.
So if somebody buys silver today, and I'm right on gold, they'll probably make more money in silver. So I'm not discouraging people from buying it. We still recommend it.