Synopsis: With the launch of the iPhone 6, Americans now wait in line for hours to sell wealthy Chinese the smartphones at 10X the price. How did we become the waiters and they the big spenders? Peter explains China's ongoing boom and what it means for their favorite commodity - gold.

Highlights:

0:20 - The dollar has rallied on the false premise that the United States is the only major central bank in the world that will be ending its quantitative easing.

1:53 - The US economy is weaker than the economies of Europe and Japan. When investors realize this, they will return to gold.

2:30 - China is the world's largest holder of US dollars. In preparation for a devaluation of the dollar, the Chinese have been moving their reserves into gold.

3:09 - The launch of the iPhone 6 highlights the difference between the US and Chinese economies.

5:02 - China's official gold holdings are unknown, because the Chinese don't want the world to know how much more gold they intend to buy.

6:00 - There will be support for gold at the $1200 level, because there are big buyers for the metal in emerging markets across the world, not just China.

6:32 - When confidence in the US dollar disappears, people will turn to gold. When that happens, $1200 per ounce gold will seem cheap.

Peter Schiff is Chairman of gold bullion dealer SchiffGold and CEO of stock brokerage firm Euro Pacific Capital. Schiff became internationally known by successfully forecasting the collapse of the dot-com bubble, the US housing market bubble, and the bankruptcy of major global banks. He is also the author of several bestselling books, including "Crash Proof: How to Profit from the Coming Economic Collapse” released in 2007 before the financial crisis struck, and the more recent “How An Economy Grows And Why It Crashes” and “The Real Crash: America’s Coming Bankruptcy". Follow his latest thoughts at Peter Schiff's Gold News.

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