Gold exchange traded funds have been unloved for most of the year as investors ease into riskier assets . However, some still believe that the fundamentals are in the yellow metal’s favor, pointing to inflationary pressures on the horizon.

“When the world figures out the position that we’re in, gold is going to the moon,” Peter Schiff, CEO of Euro Pacific Capital, said on CNBC.

Specifically, Schiff points to the continued monetary easing, which will fuel inflation and help support gold prices. [Gold ETFs Still a Good Portfolio Diversifier Despite Price Pullback]

Consequently, Schiff is projecting a move of up to $1,700 to $1,800 per ounce this year. Currently, gold futures rose around 1.1% Wednesday, trading at $1,392 per ounce.

While some are already speculating that the Fed will begin “tapering” its quantitative measures, Schiff thinks that it’s nothing but hearsay.

“The Fed has no exit strategy,” Schiff said. “It’s all fluff. There is no taper, because taper is impossible without collapsing the economy, the banks, and the U.S. government. What we’re probably going to have to get from the Fed is more QE. They’re going to have to print even more money and buy even more bonds to prevent this market from imploding, and that is extremely bullish for the price of gold.”

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