Peter Schiff: Gold, Silver 'Ready to Explode Higher' — Sees 'Biggest Precious Metals Bull Market in History'

Peter Schiff on Gold, Silver, and Bitcoin

Economist and gold advocate Peter Schiff believes that gold, silver, and mining stocks are poised for significant gains, citing optimal charts and fundamentals. He wrote on social media platform X Thursday:

Gold, silver, and the mining stocks look like they are all ready to explode higher. Both the charts and the fundamentals have never looked better … Take advantage of what could be the biggest precious metals bull market in history.

The gold enthusiast also reiterated his pessimistic view on bitcoin, cautioning: “ Bitcoin is dead money. Sell before it’s buried.” Schiff additionally offered his opinion on spot bitcoin exchange-traded funds (ETFs), stating: “When the bitcoin ETFs launched four months ago there were no sellers, only buyers. But now that so many investors own the ETFs, the supply of potential sellers is large. But with waning demand from new buyers, ETF outflows will soon put significant downward pressure on bitcoin.”

Schiff has also consistently cautioned about the state of the U.S. economy. “Part of the problem for the Fed is that consumer confidence is not just collapsing due to rising inflation, but ‘high’ interest rates. So if the Fed tries to raise confidence by fighting inflation with interest rate hikes, it may backfire and cause confidence to plunge further,” the economist detailed on X Friday.

“Collapsing consumer sentiment together with rising inflation expectations mean Biden’s already low approval rating is about to sink even lower. As recession looms, the Fed will need rate cuts & QE to give Biden any chance of re-election. But that means even higher inflation,” Schiff warned.

What do you think about Peter Schiff’s perspective on precious metals, bitcoin, and the U.S. economy? Let us know in the comments section below.