Legendary gold investor Peter Schiff has told CNBC that once the Fed reverses its current tapering process and increases its stimulus program gold will skyrocket.

“At some point, gold's going to go straight up like a moonshot," Schiff said on Tuesday's edition of "Futures Now." "Maybe it's going to take Janet Yellen to come out and call off the taper. Or maybe she's going to have to say, 'We're doing more of it, we're going to start increasing it.”

Schiff was one of the few investors who predicted both the housing crisis and current bull run in precious metals.