“Even in the face of relentless Fed rate hikes and tough talk about doing whatever it takes to combat inflation, gold has held pretty firm despite what the markets perceive as very strong headwinds, with a strengthening dollar and rising yields that are normally perceived as a big negative for gold.” He said the market has spent the last several months building massive support for the gold price.
Schiff said he thinks the fact that gold traded above 2100 for the first time and set a new all-time high “is indicative of a new bull market, not an old bull market that's dying, but a new one that's just been born.” “A lot of people are taking this to mean that that's it, this is some kind of blowoff top, this is the end of the gold bull market,” Schiff said in a video posted on Monday. While gold has backed well off the all-time highs it set two days ago and Bitcoin has stolen the spotlight, the real bull market for gold and silver is only just beginning, according to Peter Schiff, founder of Schiff Gold and Chief Market Strategist of Euro Pacific Asset Management. Receive a comprehensive recap of the day's top stories directly to your inbox. Get all the essential market news and expert opinions in one place with our daily newsletter.
