Washington Could Default at 50 Cents on the Dollar: Gold Is the Only Hedge, Peter Schiff Warns

Washington could default at 50 cents on the dollar, and gold is the only hedge against Treasuries, Peter Schiff tells Kitco News anchor Jeremy Szafron. Schiff, host of The Peter Schiff Show, says the 40-year bull market in bonds is over and rates could rise faster than they fell. He sees 9% mortgage rates possible by the first quarter of next year and a 30 to 50% drop in home prices nationwide, which he calls a bigger bubble than 2008. He explains the "fourth quadrant" of high debt and high...