It’s FINALLY HAPPENING! Gold & Silver Is About to Completely Blow Through the Roof – Peter Schiff

It’s FINALLY HAPPENING! Gold & Silver Is About to Completely Blow Through the Roof – Peter Schiff

It’s FINALLY HAPPENING! Gold & Silver Is About to Completely Blow Through the Roof – Peter Schiff

According to the World Gold Council, gold is one of the highest-performing asset classes of the year so far, offering year-to-date returns of over 12%.
Gold’s hefty gains have certainly driven GDX higher, with its upleg climbing 51.6% at best within this same span. But so far, that has only amplified gold a still-anemic 1.4x, which is unusual, well into a major gold upleg achieving new record-high streaks.
Peter Schiff, a prominent economist and financial broker, is widely recognized for his expertise in economic analysis and market prediction. In his analysis, gold surged to close above 2,500 dollars for the first time, yet major financial networks largely ignored this significant move. Instead, they focused more on Bitcoin, which was relatively flat for the week.
Since the start of the century, gold has risen more than eightfold; in contrast, the Dow Jones has only quadrupled in value. Concurrently, Schiff predicts that gold could rise more than eightfold in the next 5 to 20 years, driven by massive inflation far exceeding the early 2000s. However, the Dow Jones index has dropped sharply in the last few weeks. Gold has also dipped from recent all-time highs, but only slightly. If this trend of gold outperforming stocks continues, then that would make now a good time to own gold over stocks, for perhaps even the next ten years.
Despite gold hitting a new high, gold mining stocks rose only 5%, with broader indexes failing to reach new highs. Schiff explains that skepticism keeps gold stocks lagging in this early bull market but predicts they’ll eventually lead as confidence builds.
With the price of the yellow metal scaling upward, the profit margins of gold mining stocks such as Barrick Gold Corporation GOLD, Franco-Nevada Corporation FNV, and Kinross Gold Corporation KGC are expected to improve.
While reflecting on mining stocks, Peter Schiff mentions that risk-takers should consider them, as they’re undervalued due to investor skepticism. He predicts that gold prices will eventually surge, making rising mining costs insignificant. Following a choppy trading session over the previous two weeks, gold prices surged to an all-time high on Friday, topping 2,500 dollars an ounce and gaining more than 20% this year. One of the prominent gold ETFs, SPDR Gold MiniShares Trust GLDM, also jumped 21.5% year to date.
With all the macroeconomic factors in play, Schiff also mentions that if Kamala Harris becomes the next president, her inflationary policies could be highly bullish for gold. He also expresses skepticism about the Fed’s claim of being data-dependent, predicting that rate cuts are inevitable, likely happening in September, as the market already expects.

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