‘King Dollar’s Reign Coming To End’: Top Economist Peter Schiff Predicts ‘Historic Economic Collapse’

Renowned economist Peter Schiff issued a stark warning about the future of the global economy, predicting what he describes as a “historic economic collapse” and the possible decline of the US dollar’s long-standing dominance.

In a recent post on X, Schiff argued that the US dollar’s position as the world’s primary reserve currency is under serious threat and could eventually be overtaken by gold.

“King dollar’s reign is coming to an end. Gold will take the throne as the primary central bank reserve asset,” he wrote, adding that such a shift would trigger a sharp fall in the dollar against other fiat currencies and bring an end to what he called America’s “free ride on the global gravy train.”

Schiff, who is the chief strategist at Euro Pacific

Asset Management, pointed to several global economic signals to support his claim, including soaring gold prices, central banks reducing their holdings of US Treasuries, and signs of weakness in the greenback.

These trends, he said, suggest that confidence in the dollar is steadily eroding.

His comments come amid a strong rally in precious metals. According to a Bloomberg report, gold, silver and platinum touched record highs on Friday, extending an end-of-year surge driven by rising geopolitical tensions, a softer US dollar and thin trading volumes.

Spot gold climbed as much as 1.6 per cent to trade above $4,540 an ounce, while spot silver gained for a fifth straight session, jumping up to 7.6 per cent to cross $77 an ounce.

Schiff has consistently advocated investing in precious metals during periods of economic uncertainty.

Earlier this year, when gold crossed the $3,000 mark in April 2025, he described the milestone as “significant” and urged investors to consider gold and silver as hedges.

At the time, he noted that silver, then trading below $34 an ounce, offered strong upside potential.

“While central banks are aggressively accumulating gold, retail investors still have an opportunity to benefit,” Schiff said in a video message earlier this year, predicting that gold prices could rise to $4,000 and beyond.