 In a March 2009 speech, Schiff said that it would be impossible for the US public debt to China to be repaid unless the US dollar's value is substantially diluted through inflation.In September 2009, with gold below $1,000 per ounce, Schiff said that he foresaw gold at over $5000 per ounce in the future, and that the stock market rally which began that year was a "rally in a bear market.