Economist and gold supporter Peter Schiff said, 'Gold is hav...

Economist and gold supporter Peter Schiff said, 'Gold is having one of its best years since 1979, when it rose 126%.' He emphasized that gold has risen over $540 this year, which is its 'largest dollar increase in history.' He further explained, 'Investors still haven't noticed the bull market or added mining stocks to their screens.'

Peter Schiff highlights the record increase in gold amidst economic uncertainty.

Economist and gold supporter Peter Schiff shared his views on the rise in gold prices and discussed the economic factors affecting gold and related stocks in several posts on the social media platform X this week.

'Gold is experiencing one of its best years, with a rise of over 26%, surpassing the 32% increase in 2007,' he shared on Friday. On Wednesday, the Federal Reserve lowered interest rates by 50 basis points for the first time in over four years, causing gold prices to soar. When commenting on gold prices, Peter Schiff emphasized, 'This is one of the best years since 1979, when it rose 126%. However, GDX has only risen 31%. This means that investors still haven't noticed the bull market or added mining stocks to their screens.'

This is one of the best years since 1979, when it rose 126%. However, GDX has only risen 31%. This means that investors still haven't noticed the bull market or added mining stocks to their screens.

GDX is the code for Vaneck Gold Miners Exchange Traded Fund (ETF), which tracks the performance of companies engaged in gold mining and related industries.

Sheff also pointed out that despite the strong performance of gold, many traders quickly sell off gold mining stocks when they experience a slight pullback. "If a $40 increase in gold prices leads to a 2% increase in gold mining stocks, a $5 pullback in gold can result in a 50% loss in mining stocks," he believes.

The economist added in a subsequent post on Friday:

By 2024, gold had risen by over $540, marking its largest dollar increase in history. This fact is not a coincidence, as it happened during a year of soaring national debt, with the Fed lowering already low interest rates despite inflation rates far exceeding its 2% target.