Peter Schiff, Chief Economist and Global Strategist at Europac, has criticized the lack of coverage that major economic media outlets have given to the recent surge in gold prices to record highs. However, Schiff characterized this lackluster coverage and the absence of experts addressing this subject as “ bullish.”
Economist Peter Schiff Criticizes Lackluster Media Coverage of Gold's Bull Market
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Economist Peter Schiff Blasts Economic News Sites for Disappointing Coverage of Gold Bull Market
Peter Schiff, gold bug and Chief Economist and Global Strategist at Europac, has given his opinion about the lackluster coverage of the price advances and the overall bull market that gold is experiencing. Schiff blasted mainstream channels on social media for not paying attention to gold’s moves.
Schiff charged against CNBC and its program Fast Money, which failed to reference gold’s price surge as it was happening. He stated:
Despite gold’s surge to a record high, and mining stocks being by far the day’s top-performing sector, there was no mention of gold or the miners.
Furthermore, Schiff declared that if they did not cover moves like the one gold starred on September 12, they should change the program’s name.
Schiff also pointed out that if bitcoin prices reached an all-time high (ATH), mainstream media coverage, including CNBC, would be non-stop. However, he assessed that this lack of attention to the precious metal rally was “ bullish.”
On September 14, gold spot prices also registered record levels, reaching over $2,580. “ Gold just broke above $2,580, up over $20 so far this morning, hitting another record high. Let’s see if CNBC even notices,” Schiff criticized.
Gold had a brilliant week, reaching all-time high numbers twice during the period. However, analysts believe that gold can keep climbing supported by several key factors, including the expected U.S. Federal Reserve interest rate cuts.
This lack of involvement and attention is also bullish for Zeal Intelligence founder Adam Hamilton, who believes American investors will turn to gold as the stock market and artificial intelligence (AI) investments wither. This might propel gold to $2,950 per ounce and beyond.
What do you think about Peter Schiff’s criticism of gold’s coverage in financial media? Tell us in the comments section below.
