Video Discription |
Only 1 WEEK LEFT! The Next Leg of Gold's Explosive Breakout Will Shatter All Records - Peter Schiff
Historically, when the Fed cuts rates, gold stocks have outperformed the gold price by 10% for the first 100 days and 27% for the first 300 days after the announcement.
So, if history repeats, a shift into gold stocks or the VanEck Gold Miners ETF could prove a savvy move. Or, if the central bank buying continues, you could bet on a further rise in the price of metal and go with the abrdn Physical Gold Shares ETF.
Renowned financial commentator Peter Schiff is the CEO and Chief Global Strategist of Euro Pacific Capital Incorporate. According to Peter Schiff, the mining stocks performed impressively last week; he predicts that gold will hit a new record high next week and continue its upward momentum. Safe-haven assets like gold will likely benefit from the increase in market volatility and perceived risk in the wake of the Saturday afternoon assassination attempt on presidential candidate Donald Trump. In contrast, the increased odds of a Trump victory in November could weaken the dollar and boost the yellow metal, according to numerous market participants. From a technical perspective, Schiff believes this is significant because gold stocks are leading the metal for the first time in years. He predicts this signals a new trend where investors recognize the ongoing bull market in gold.
Regarding the market, Schiff acknowledges it is on the brink of collapse and Bitcoin will plummet. Moreover, he expresses that now is the time to exchange Bitcoin for real gold and silver, noting that silver is still under 32 dollars an ounce. Gold has outperformed cryptocurrencies over the past two years, particularly due to the bear market that affected Bitcoin and other digital assets throughout 2022.
Peter Schiff notes that Powell's recent response regarding inflation targeting underscores the Fed's prioritization of maintaining higher inflation rather than balancing it below 2%. Concurrently, Schiff remains critical of the Fed's approach, suggesting it favors policies that perpetuate inflation rather than aiming to stabilize it below the targeted threshold. Speaking at the Economic Club of Washington DC, Powell referenced the idea that central bank policy works with "long and variable lags" to explain why the Fed wouldn't wait for its target to be hit.
Federal Reserve Chair Jerome Powell said on Monday the three US inflation readings over the second quarter of this year do "add somewhat to confidence" that the pace of price increases is returning to the Fed's target sustainably, remarks that suggest a turn to interest rate cuts may not be far off.
According to Schiff, Powell focuses on the PCE index, which typically shows lower inflation than the CPI, as it is less accurate and more favorable for the Fed's narrative.
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