Peter Schiff "The age of Gold has come…Seek refuge in Gold, not the Dollar"

American representative gold investment advocate Peter Schiff diagnosed that the rise in gold and silver markets has entered the “next stage of the bull market,” warning of asset movement from the Dollar to gold.

On the 13th (local time), Schiff stated on his X that “The stock prices of gold mining companies have entered a phase of leading the spot gold prices,” and “this signals that investors’ sentiment is shifting from defensive assets to physical assets.” In fact, the representative gold mining ETF, GDX (VanEck Gold Miners), hit its highest since September 2012.

He also noted the simultaneous surge in silver prices, analyzing that it is an “indicator signaling a new phase of the gold bull market.”

Schiff pointed out the avoidance of Dollar-based assets by central banks. He emphasized, “As the attractiveness of U.S. Treasuries continues to decline, central banks of several countries are buying gold instead of U.S. Treasuries,” adding, “this is a critical sign showing the weakening trust in the global Dollar system.”

Meanwhile, Schiff presented the partisan differences in inflation expectation psychology and energy supply imbalance as risks. He argued, “Democratic supporters expect future inflation levels to be around 10.1%, whereas Republican supporters expect it to be around 1.5%,” stating, “Even if the CPI does not reach this level, it will be difficult to avoid a year-on-year high price increase.”

Finally, he warned that “The number of oil drilling rigs in the U.S. has decreased for seven consecutive weeks, marking the lowest since November 2021,” considering decreases in supply, geopolitical risks, and the weak Dollar, the pressure for oil price rises increases, which may become a factor in driving consumer prices up again.