Schiff on Mining.com: The Public Doesn’t Understand this Rally

Last week, Peter joined Devan on mining.com to discuss gold’s recent price records and the future of the mining and metals sectors. The pair discuss why gold’s surge in 2025 hasn’t quite spilled over into the mining sector, the significance of copper’s record prices, and why Trump’s trade policies may send both metals even higher.

Peter starts by arguing the mining sector is not getting enough attention. With gold soaring over $3,000, mining companies should be even more profitable, but investors aren’t giving them credit:

You mentioned that gold miners are in the spotlight. I would disagree. They’re not in the spotlight. They’re barely in anybody’s light, that’s the problem. Gold’s over $3,000 an ounce and headed much higher. You would assume that there’d be a huge spotlight on these gold mining stocks, but they’re in the darkness. That’s why they’re still so cheap– because the investing public does not understand this rally. They don’t believe in this rally, and so they’re not betting on it. 

It’s not just gold and silver that are rising. Industrial metals like copper are also hitting new highs, putting additional inflationary pressure on policymakers and central banks:

Copper is also at an all time record high today. So it’s not just precious metals– it’s industrial metals. Copper’s up 30% this year! I mean, they’re talking about, ‘We got inflation licked.’ Copper’s up 30%, and it’s not even the end of the first quarter! These guys are delirious if they don’t see that there’s a huge inflation problem. 

Depending on how trade policy affects the foreign exchange market, gold and copper could benefit from a weaker dollar:

The increasing trade tensions– just another bullish factor I think for these prices because I think the trade tensions are going to result in a weaker dollar, not a stronger dollar, which was the conventional wisdom before Trump won. I think the tariffs are going to backfire, and we’re going to have a weaker dollar. And that is going to lead to higher commodity prices. 

Check out Joel’s latest analysis of Trump’s auto tariffs and gold’s surge over $3,080 last week!