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Peter Schiff: There’s Still Time to Buy Silver!

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Silver had a spectacular day on Friday, with a closing price of around $31.50/oz. This is the highest close for the metal since February of 2013. In response to this impressive rise, Peter recorded a special video on Friday for SchiffGold.

Peter starts the video by noting this price action seemed likely after silver and gold started rising in early 2024:

“After months of waiting, silver finally broke out today. I have been pounding the table on my podcasts and also on the special videos that I’ve recorded for SchiffGold to buy silver ahead of the breakout, because it appeared to me that a breakout was imminent. Well now that breakout is history, but the good news is, it’s still early! It’s not too late to buy silver.”

Waiting on a pullback or actively trading physical silver doesn’t make sense for retail investors— that’s what commodity futures are for. Instead, they should buy and hold the metals as a hedge against monetary collapse:

“You don’t trade physical gold and silver. The transaction costs are too high. What you do with physical gold and silver is you buy it and you keep it, and you keep it until you need it, not until you sell it. A lot of people are going to need their precious metals, especially their silver. They’re going to need it because it may be the only monetary instrument that other people may accept in exchange for goods and services. We have a real currency crisis!”

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Friday’s price action is part of a broader rise in precious and non-precious metals. In an economy still plagued by inflation and showing signs of recession, this week demonstrates the utility of holding physical metals:

“The charts look phenomenal for gold, silver, and copper. Also, platinum and palladium have been moving up as well. It’s the entire metals complex that has been rising. Recently, Jerome Powell said he doesn’t see any evidence of stagflation. He sees no ‘stag’, he sees no ‘flation.’ Well he’s clearly not looking at copper! Not looking at silver!”

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