Peter Schiff: Our phony economy can’t handle higher interest rates

Peter Schiff, president of Euro Pacific Capital and bestselling author, spoke with CNBC this week regarding gold, the bond market and interest rates. The anchor asked if he thinks he’s wrong on gold, but Schiff retorted that those who haven’t invested in gold are wrong. He went onto explain about the growing trend in the rising interest rates, which hurts “our phony economy.”