Peter Schiff: Gold Closes over $3,000. What’s Next?

In his latest SchiffGold update, Peter explains what’s driving the recent gold surge beyond $3,000 per ounce, emphasizing central bank actions and broadening skepticism over fiat currencies. Peter highlights why this new peak is fundamentally different from previous spikes, explores silver’s potential, and discusses the undervalued opportunity in mining stocks.

Peter starts by distinguishing the current gold rally from those in 2011 and 2020, arguing this current rise is a pivotal upward leg rooted in deeper macroeconomic trends that suggest long-term persistency:

So to me, this looks very different than 2011 and 2020. We’ve built an enormous base for gold at $2,000. This is a brand new leg of a huge bull market where gold started below $300. We’ve now gone up 10x in the price of gold so far this century. Gold is beating the S&P 500, and I think it’s going to accelerate from here and even take a bigger lead on the stock market as the stock market goes down.

He further unpacks the signal sent by global central banks moving aggressively into gold, indicating their declining confidence in the U.S. dollar’s long-term value:

Well, the insiders in the fiat monetary system have been dumping their dollars to buy gold. They obviously know something, and the public hasn’t caught on yet. So I think, unlike the prior peaks of 2000, I don’t expect any significant pullback from the current $3,000 price. In fact, we’re probably going to go straight up to $4,000 and beyond.

Peter concludes by predicting an acceleration in gold prices as central banks continue divesting from the dollar, forecasting a tipping point when institutional and retail investors rush back into the precious metals market:

But the central banks still have a lot more gold to buy. They’ve only just begun because this is a major divestment of U.S. dollars that is going to accelerate and gain traction. But when the investors start competing with the bankers, then I think you’re going to start to see the price moving up much, much faster. So before there’s a real gold rush going on, before you’re competing with a stampede of other buyers, buy now while you can still get great prices.

For more of Peter’s insight into both gold’s and silver’s recent price action, make sure you tune in to the latest episode of the Peter Schiff Show.

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