Euro Pacific Capital's Peter Schiff says it's time to buy the bullion bounce. Gold jumps off a key $1,700 level. So is there a super spike coming, with CNBC's Jackie DeAngelis and the Futures Now Traders, Rich Ilczyszyn at the CME and Anthony Grisanti at the Nymex.Runaway public spending combined with excessively loose monetary policy by the Federal Reserve and other global central banks will push gold to $5,000 per ounce within the next two years, noted investor Peter Schiff said Thursday on CNBC , “I think gold is going to go up against all currencies…central banks around the world are being too loose, the Dollar Index is going to be cut in half at a minimum. If we don’t change our policies, the dollar index could go much lower.” "One day we're going to look back at $1,700 with nostalgia," Schiff said. "People are going to be shocked at how inexpensive gold was when it could be snapped up for such a bargain price."