Last week was a big week for precious metals. Gold broke above $2,000 an ounce and kept climbing, pushing over $2,075 later in the week. Meanwhile, silver blew through $28 and $29 ounce on Thursday and knocked on the door of $30. But even with another week of solid gains, there still seems to be a lot of skepticism about precious metals. Peter talked about gold’s bull run on his podcast and said it’s the most unloved gold bull market he’s seen in his entire career.
Last week, gold broke its all-time record. This week, the express elevator kept going right up taking both gold and silver with it. In this episode of the Friday Gold Wrap podcast, host Mike Maharrey talks about gold’s push above $2,000 an ounce and silver’s even bigger gains. He also talks about the dynamics driving precious metals higher and why he doesn’t think we’re anywhere near the top floor.
The price of silver broke above $28 an ounce Thursday morning.
In the last 30 days, silver has gone up by nearly 54%. On the year, the white metal is up over 71%.
Even with these big gains, silver remains historically undervalued compared to gold.
Gold reached a new milestone Tuesday, breaking above $2,000 for the first time ever. The yellow metal closed just above $2,017 an ounce. Peter talked about gold’s new record high and what it’s telling us in his latest podcast. He says most people still don’t really understand the significance of $2,000 gold.
Peter noted that when gold first peaked its head above $2,000, it immediately sold off. He said that kind of nervousness is exactly what he wants to see in a gold bull market.
Gold pushed above $2,000 an ounce for the first time ever on Tuesday.
The spot price broke through $2,000 a little after noon and then immediately sold off over the next 10 or 15 minutes. In a tweet, Peter Schiff said, “You know the gold bull has a long way to run when the first reaction traders have to finally breaking above $2,000 is to sell.”
Gold broke its all-time price record on Monday and has held above that level through the week. What is this telling us? In this episode of the Friday Gold Wrap podcast, host Mike Maharrey talks about the record-breaking week and what’s driving it. He also speculates about where we may go from here. Along the way, he gives an overview of this week’s Federal Reserve meeting and highlights some perspectives coming out of the mainstream.
As gold was closing in on its all-time record price last week, Peter Schiff appeared on the Claman Countdown and warned about the looming dollar crisis.
Claman set up the interview pointing out that Peter predicted this big move up in gold months ago and asked, “What’s your new prediction about the dollar?”
Gold has rallied above its previous all-time record high this week. But can it sustain this bull run? Peter Schiff thinks it can and will.
It’s not about the coronavirus, as many mainstream analysts seem to think. It’s the government and central bank response to the pandemic — the borrowing, the spending, and the money printing. Peter believes that ultimately the Fed’s monetary policy is going to collapse the dollar and it will lose its reserve status. In this podcast, he talked about what this portends. He also explained why he doesn’t think the Fed can kick the can down the road again.
Known as “Pomp,” Pompliano is co-founder and partner at Morgan Creek Digital, “a multi-strategy investment firm focused on providing access to blockchain technology and digital assets.”
At the time of the recording, gold had just broken its all-time record.