{"id":1442070,"date":"2023-12-04T15:20:00","date_gmt":"2023-12-04T20:20:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1442070"},"modified":"2023-12-04T15:20:00","modified_gmt":"2023-12-04T20:20:00","slug":"peter-schiff-gold-price-breaks-record-with-more-to-come","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/peter-schiff-gold-price-breaks-record-with-more-to-come\/1442070\/","title":{"rendered":"Peter Schiff: Gold Price Breaks Record With More To Come"},"content":{"rendered":"

Peter Schiff: Gold Price Breaks Record With More To Come<\/span><\/p>\n

\n

Via SchiffGold.com,<\/em><\/a><\/p>\n

Gold set a new record on Friday and broke it again over the weekend. The spot price went as high as $2,125 in overseas trading Sunday night. In his podcast, Peter Schiff explained why he thinks this bull run is just getting started and gold will go much higher.<\/p>\n

<\/a><\/p>\n

In fact, Peter said he thought these records would be broken \u201cmany many times over.\u201d<\/p>\n

Gold also closed the month of November at over $2,000 an ounce. It was the first time that gold finished any month above $2k.<\/p>\n

Silver<\/a>\u00a0also rallied, but not as much.<\/p>\n

I think silver is a particularly good buy right here because gold is at a record high and silver would have to double to hit its record high. That tells me that silver is very cheap.\u201d<\/strong><\/em><\/p>\n<\/p>\n

Gold stocks also rallied, but not to the same extent as the metal. Normally in a bull market, you would see an even bigger rally in mining stocks. But Peter said this is not a typical bull market.<\/p>\n

Clearly, it is a bull market, by definition. Gold is at an all-time record high. So, it can\u2019t not be in a bull market when you\u2019re at an all-time record high. Yet gold stocks are not even anywhere close to their all-time record highs.<\/strong> In fact, gold stocks would have to go up another 12% just to hit a 52-week high let alone a record high.\u201d<\/em><\/p>\n

Peter said this market has been climbing a proverbial \u201cwall of worry.\u201d<\/p>\n

It\u2019s like the Rodney Dangerfield bull market. It gets no respect.\u201d<\/em><\/strong><\/p>\n

Stock investors still expect gold to fall and they are factoring that into the price of gold stocks.<\/p>\n

Nobody has confidence that the price of gold is going to rise. That\u2019s what\u2019s so atypical about this rally because normally gold stocks lead the metal.\u201d<\/em><\/strong><\/p>\n

Peter said all of the bearishness reinforces his bullishness.<\/p>\n

The question is when will investors realize that gold prices are going much higher? When will the bears throw in the towels and start buying gold and gold mining stocks?<\/p>\n

Peter pointed out that $2,000 gold is still way underpriced when adjusted for inflation.<\/p>\n

I don\u2019t even know where the price of gold would have to be to hit a high adjusted for the CPI. Probably at least $3,000. \u2026 But we are going to get there.<\/strong> But the fact that we\u2019re still so far below that inflation-adjusted high lets you know how cheap gold remains, despite the fact that it\u2019s above $2,000.\u201d<\/em><\/p>\n

Peter pointed out that the big hedge funds, pension funds, and endowments aren\u2019t invested in gold.<\/p>\n

They\u2019re not in this market at all. At some point, they\u2019re going to wake up to this reality.\u201d<\/em><\/p>\n

Peter said he thinks it will be an \u201ceconomic awakening.\u201d<\/strong><\/p>\n

I think we\u2019re going to see the economy become much weaker in a way that is easy to discern \u2014 when you\u2019re going to see a big pickup in unemployment and a big deceleration in the GDP.\u201d<\/strong><\/em><\/p>\n

This might seem unlikely given the 5.2% GDP growth in the third quarter. But Peter pointed out that this growth was primarily driven by\u00a0government borrowing and spending<\/a>\u00a0and\u00a0consumer borrowing and spending<\/a>.<\/p>\n

When people want to look at the economy and look at the GDP and say, \u2018Oh, we had this GDP growth!\u2019 Yeah, but we also had commensurate growth in the national debt. And so now, we have a much bigger debt as a result of this phony economic growth. Because it\u2019s not real economic growth. We just spent borrowed money, and what grew is our debt.\u201d<\/strong><\/p>\n

At some point, we will have to pay the piper for this fake economic growth.<\/p>\n

It\u2019s going to be paid with inflation. And that\u2019s how you know the price of gold is going much, much higher the $2,000.\u201d<\/strong><\/em><\/p>\n

A lot of people think the Fed has won the inflation fight. The markets are now pricing in a significant chance that the Fed will start cutting interest rates in March. But\u00a0CPI isn\u2019t anywhere near the 2% target<\/a>. We\u2019re looking at a more inflationary environment even while there is still significant inflation in the system.<\/p>\n

Peter said he thinks gold is going to have an explosive move up before gold starts trading on a more steady but slower upward trajectory.<\/p>\n

I think we have to move up quite a bit to shock investors into getting involved in this market. And they will, but at much higher prices, I think.\u201d<\/strong><\/em><\/p>\n

Peter said we also need to keep an eye on the dollar. A weakening greenback has helped drive this gold bull rally. Peter said he thinks the drop in the dollar is just getting started.<\/p>\n

The dollar is getting ready to go through the floor and that means gold is getting ready to go through the roof.\u201d<\/strong><\/em><\/p>\n

In this podcast, Peter also talked about comments Jerome Powell made late last week.<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nMon, 12\/04\/2023 – 10:20<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/markets\/peter-schiff-gold-price-breaks-record-more-come<\/a>\u00a0<\/p>\n

\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

Peter Schiff: Gold Price Breaks Record With More To Come Via SchiffGold.com, Gold set a new record on Friday and broke it again over the…<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1442070","post","type-post","status-publish","format-standard","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1442070","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1442070"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1442070\/revisions"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1442070"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1442070"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1442070"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}