Peter Schiff Emphasizes Gold Bull Market Is Just Getting Started
Peter Schiff: Gold Bull Market Hits Record High — But This Is Just the Beginning
Economist and gold advocate Peter Schiff underscored gold’s impressive 2024 gains, reaching a record high on Tuesday. He wrote on social media platform X: “Gold closed at a record high above $2,775, on track for its best year since 1979.” Schiff added, “The difference is that in 1979, inflation was near its peak and the gold bull market was near its end, whereas now inflation is near its trough,” emphasizing:
The gold bull market is just getting started.
The comparison to 1979 is significant: during that year, gold soared amid rampant inflation, the Iranian Revolution, and the Soviet invasion of Afghanistan, with prices rising from $226 to $500 by year’s end. This drove demand for gold, with prices ultimately peaking at $850 in early 1980, a level equivalent to about $2,800 today when adjusted for inflation. However, the bull market of 1979 soon ended as the Federal Reserve hiked interest rates to curb inflation.
In 2024, gold’s rally has been fueled by economic uncertainty, central bank purchases, and geopolitical risks, particularly in the Middle East. The Federal Reserve’s anticipated rate cuts and central bank demand have further supported gold prices, now on track for a historic year. Several analysts expect prices to range between $2,500 and $3,000 by year-end.
In another post on X Tuesday, Schiff opined:
Rising gold prices and bond yields are not part of the Trump trade. Regardless of the election outcome, budget deficits and inflation are headed higher, which is very bearish for bonds and bullish for gold. So, even if Trump loses, gold prices and bond yields will keep rising.
Schiff has suggested a “mother of all gold bull markets,” citing inflation and fiat currency devaluation as factors that could push prices much higher. Earlier this month, he said gold could potentially reach $26,000 or even $100,000. He continues to advocate for the metal, stating recently that “investors still haven’t noticed the bull market or added mining stocks to their screens,” underscoring his belief that the gold rally is just beginning.
Source : Bitcoin News - Oct 30, 2024