In a rapidly evolving economic environment, famous economist and ‘gold bug’ Peter Schiff expressed his expectations that gold will outperform Bitcoin. Meanwhile, market participants are increasingly betting that the Fed will cut interest rates three times in 2024. This idea is gaining strength after today’s US CPI data came in below expectations.
Gold and Bitcoin predictions from Peter Schiff!
Cryptocoin.comAs you follow on , gold prices increased by more than $30 to over $2,400 following the lower-than-expected inflation figures. In the midst of these developments, Peter Schiff shared his views on market dynamics from his X account. Schiff drew attention to the performance of gold against CPI data in a series of posts he made on X. In addition, Schiff emphasized that the Fed is looking for a “cover” to lower interest rates. The famous economist believes that this move will lead to higher inflation in the future. For this reason, Schiff said the following:
Gold is trading above $2,400 this morning, up more than $30 after the lower-than-expected June CPI. Don’t be fooled. The Fed is just looking for an excuse to lower interest rates. Inflation will be much higher, especially when the Fed starts cutting rates. Got gold?
Schiff’s bullishness on gold extends to his skepticism of Bitcoin. In response to a user’s comment on the recent rise in Bitcoin’s price, Schiff dismissed the sustainability of the cryptocurrency’s gains. “Bitcoin is up over $1,500, do you have any?” the user asked. Schiff replied, “No, it may be up right now but it’s not going to stay up.”
Famous economist: Buy now!
Peter Schiff also highlighted the breakout performance of gold stocks. He noted that both the VanEck Vectors Gold Miners ETF (GDX) and VanEck Vectors Junior Gold Miners ETF (GDXJ) reached 52-week highs. The Bitcoin critic also noted that gold remains more than 1% below its record highs. This suggests that the bull market has significant room to grow. In line with this, Schiff shared the following assessment:
Gold stocks are on the rise, with both GDX and GDXJ finally trading at 52-week highs. More importantly, gold is still more than 1% below its all-time high. Stock investors are finally realizing that the gold bull market is real and has legs to run. Buy gold now!
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For the rest of the article, The Gold Bug is Ambitious: When This Happens, It Will Make Bitcoin Crush!