Unless it DOES hit $5,000. Then, I suspect, Laffer will bet another penny. :-)
I was around when gold possession was legalized. At that time I was buying gold sovereigns (1/4 oz) at $13 ea and Mex 50 pesos (1 1/4) at $60 as I KNEW gold would take off - to around $105 by my estimation. That's where I sold out, kissing my hands over how smart I was. When it kept on going up I got back in at $400 and bailed at $600 as it couldn't POSSIBLY go higher - again kissing my hands. Didn't get back in, even when my heretofore conservative neighbors were climbing on board at $800.
Same with silver. Started hoarding silver coins in '67, sold out at 5x face, kissing . . . In the end, even I was stunned when I raided my coin albums for common date silvers and got $1,000 plus for $52.00 face.
Moral: NEVER discount ridiculous estimates of precious metals. Right now I think Schiff is off base as I still believe a Depression is coming and cash, however debased, will be king.
Funny you should say that: isn't that what Laffer did with real estate? (I must confess I didn't watch the video at your link, I just assumed it's the same one I've seen a dozen times--maybe someone should find one of Schiff being wrong--by your standard we should never listen to him again).