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April 22, 2024 10:13 AM | 2 min read |
Renowned economist Peter Schiff expressed his views on the current market dynamics and vouched for buying gold over Bitcoin (CRYPTO: BTC) and tech stocks.
What Happened: On Monday, Schiff took to X, formerly Twitter, and pointed out that investors are selling gold and moving toward risk assets like tech stocks and Bitcoin, despite the looming threat of inflation.
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“Gold is down over $50 this morning as investors pile back into risk assets like tech #stocks and #Bitcoin. But the real risk is #inflation, so investors should be buying gold, not selling it. The miners will be even better buys as share prices always over-reacted to a gold drop,” he wrote.
See Also: S&P 500, Nasdaq Futures Signal Rebound Today: What’s Driving Stock Futures Higher?
Why It Matters: Schiff’s comments come amid a period of economic uncertainty. Schiff had previously criticized the Federal Reserve’s optimism and warned of a more devastating outcome than the 2008 financial crisis. He argued that the rising gold price, which had surpassed $2,200 per troy ounce, indicated that inflation was on the rise.
Schiff’s comments align with billionaire investor Ray Dalio who has also been advocating for gold as a hedge against inflation and the potential risks of a looming debt crisis. Dalio highlighted the escalating global debt levels, which reached a record $34 trillion in the U.S. this year.
Schiff, a vocal critic of Bitcoin, had earlier mocked Bitcoin holders after a halving event, predicting a halving of their net worth.
Earlier this month, gold prices hit record highs, reaching over $2,400 per ounce, further solidifying its status as a safe-haven asset amidst growing economic tensions and inflation concerns.
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Read More: Peter Schiff Warns Against Piling ‘Risk Assets’ Like Tech Stocks And Bitcoin Amid Inflation
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