Contact us
CALL US NOW 1-888-GOLD-160
(1-888-465-3160)

Peter Schiff: Gold Glitters in Times of Turmoil

  by    0   1

Although it has given back some of its gains with news of a ceasefire and a resumption of talks in the trade war between the US and China, gold has surged over the last couple of weeks driven by global instability and turmoil – not only from the ongoing trade conflict, but also with the saber-rattling between the US and Iran. Gold broke through the $1,400 mark and hit six-year highs last week.

Peter Schiff appeared on RT’s Boom Bust to talk about it along with the recent bitcoin rally.

The interview started with a discussion on the difference between the recent rise in the price of bitcoin and the rise in the price of gold.

I don’t think that anybody who is buying bitcoin thinks they’re doing something safe or conservative. They’re buying bitcoin because they think the price is going to go to the moon. In other words, they’re speculating.”

Peter said some of that speculation is based on the belief that bitcoin will someday evolve into a safe-haven asset like gold, but it’s clearly not there yet.

I think that’s pie in the sky. I don’t think that’s ever going to happen. But that’s not going to stop people from placing their bets. On the other hand, I think people are finally buying gold because they’re waking up to reality – something they should have known a long time ago, and that’s that the Fed is never going to be able to normalize interest rates. It’s never going to be able to shrink its balance sheet. In fact, the Fed is now cutting interest rates again. We’re beginning another cycle down. We’re going to zero. The Fed is going to go back to quantitative easing. They basically said as much today. Powell had a Q&A where he talked about how the Fed was ready to use QE again as part of the tools for the next recession or crisis. And so gold is now adjusting. We’ve left a world where people thought the Fed was going to keep tightening and shrinking its balance sheet to the new world of reality where we’re going to get lower interest rates, more money printing, more inflation. So investors are now looking to hedge against that and they’re buying gold.”

Peter reiterated that bitcoin isn’t gold, so it can’t be “digital gold.”

They’re just digital assets, if you want to call them assets. They may not be correlated to anything. It’s hard to say yet. But I don’t think they have any value, so I don’t think they’re correlated to reality. I think people are gambling with cryptocurrency. It’s just the way you would gamble in a casino.”

Peter said he thinks the main reason bitcoin is rising is because a lot of people are buying and nobody is selling. As a result, the gains are all on paper.

A lot of those paper profits are going to vanish. People think they are making a lot of money right now in bitcoin. You haven’t made anything unless you sell.”

Bitcoin buy gold from SchiffGold

Get Peter Schiff’s most important Gold headlines once per week – click here – for a free subscription to his exclusive weekly email updates.
Interested in learning how to buy gold and buy silver?
Call 1-888-GOLD-160 and speak with a Precious Metals Specialist today!


Related Posts

Peter Schiff and Jim Rickards: $15,000 Gold?

Gold pushed above its all-time record price last week. Where does it go from here? Peter Schiff and Jim Rickards appeared on Kitco News to talk about gold’s trajectory and the possibility of $15,000 gold in the future. Peter opened up the interview saying he’s surprised it took gold this long to break its record. […]

READ MORE →

Peter Schiff and Anthony Pompliano Talk Gold and Bitcoin (Video)

Peter Schiff did a live show with Anthony Pompliano on Sunday to talk about gold, silver, bitcoin and crypto. 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 […]

READ MORE →

If History Is Any Guide We Could See $4,000 Gold

If history is any guide, we could be heading toward $4,000 gold. This according to analysis by US Global CEO Frank Holmes.

READ MORE →

If It Was Game Over for the Fed Then Where Are We Now?

In a speech at the Cambridge House Vancouver Resource Investment Conference back on Jan. 19, 2020, Peter Schiff said it was “game over” for the Federal Reserve. It’s interesting to look back at his remarks in context with what’s going on over at the central bank today. If it was game over then, where are […]

READ MORE →

What Is the Best Way to Buy Gold? (Video)

With the economic chaos created by coronavirus economic shutdowns and the Federal Reserve creating trillions of dollars out of thin air, there is suddenly a lot of interest in buying gold, both as a safe haven and an inflation hedge. But what is the best way to invest in the yellow metal? Should you buy […]

READ MORE →

Comments are closed.

Call Now