Bitcoin Critic Peter Schiff Says A 'Breakout Is Near' As Gold Surges Above $3,380, Silver Starts To Perk Up

Gold prices climbed above $3,380 per ounce Tuesday, reaching a new high as investors sought safe-haven assets amid escalating trade tensions. The precious metal gained $90 in Monday’s session before adding another $45 in early trading.

What Happened: “Gold is up another $45 so far tonight, trading above $3,380. With today’s $90 gain, that’s already $135 within one 24-hour period,” noted economist Peter Schiff on X. “Silver is also starting to perk up. It’s adding another 50 cents to today’s gains, trading above $33.10. Keep an eye on silver. A breakout is near.”

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The rally comes as President Donald Trump expanded tariffs, threatening 100% tariffs on foreign-produced films and announcing plans for pharmaceutical tariffs in the coming weeks. This follows already imposed steep 145% tariffs on Chinese goods that have rattled global markets.

Silver prices also surged nearly 2% to around $33 per ounce on Tuesday, extending gains from the previous session. In response to a follower suggesting silver needs to top $36 before moving to $50, Schiff replied, “I’d say a close above $35 would trigger that move.”

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Why It Matters: Investors now await the Federal Reserve’s policy decision this week. Despite pressure from Trump to lower rates, the central bank is expected to maintain current interest rates. According to the CME FedWatch tool, markets are pricing in a 97% probability of rates remaining unchanged.

Gold-backed cryptocurrencies have benefited from the metal’s performance, with PAX Gold (PAXG) and Tether Gold extending their year-to-date gains to over 28%. Meanwhile, Bitcoin BTC/USD has shown comparatively modest growth at just 1.24% year-to-date, now trading around $94,000.

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