Peter Schiff Once Asked Bitcoin 'Fanatics' To Stop Making Fun Of Gold: 'Don't Be The Last One Onboard'

Zinger Key Points
  • Bitcoin was only up 4% and this isn't nearly enough of an extra gain to offset a substantially higher risk, he said.
  • Schiff explained how positive divergences in gold prices indicate the commodity is likely to have witnessed its lows.
  • The VanEck Gold Miners ETF closed over 10% higher on Friday.

Peter Schiff, chief Economist and global strategist at Euro Pacific Capital, asked Bitcoin BTC/USD "fanatics" to stop making fun of gold based on its market movement in November 2022.

“#Bitcoin fanatics need to stop making fun of #gold's $52 rise, claiming a 3% move is nothing compared to what Bitcoin does. Bitcoin was only up 4% today. Not nearly enough of an extra gain to offset substantially higher risk. The $GDX was up over 10%. The miners are a better bet,” Schiff said in his tweet at the time.

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Schiff explained how positive divergences in gold prices indicate the commodity was likely to have witnessed its low in and was headed higher going forward. “#Gold is up over $50 today. Daily gains that large rarely happen. The positive divergences I have been pointing out between #silver and the miners likely mean gold has seen its lows. If so, $50 daily spikes will soon be common. In fact, gold may soon have its first $100 up day,” he said in his tweet on Sunday.

Gold Miner ETFs: In November, Schiff also highlighted his bullish stance on gold miner ETFs saying the rise in prices is likely to be the beginning of a long trend. He advised investors to mind this trend and not be the last one aboard.

“Since the end of Aug. the $GDXJ, an index of junior #gold mining stocks, is up 5.5%. During that same period of time, the NASDAQ was down 11.5%. Lots of investors own big tech. Very few own junior miners. This is likely the beginning of a long trend. Don't be the last one onboard,” he said in his tweet at the time.

The VanEck Gold Miners ETF GDX closed over 10% higher on Nov. 4, 2022, while the iShares MSCI Global Gold Miners ETF RING closed 9.76% higher on the same day.

This story was originally published on Nov. 7, 2022.

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