Florida Governor Ron DeSantis (R) weighed in on the recent surge in precious metals, linking it to a broader crisis of confidence in the U.S. monetary system.
The Rally Is An ‘Indictment of The Fed’
On Wednesday, in a post on X, DeSantis stated that the recent trajectory of gold and silver suggests that “investors lack confidence in fiat currencies.”
See Also: Goldman Sees Silver Rally Extending, Warns Of Heightened Volatility
The Republican Governor referred to the 61.19% year-to-date rally in gold and 79.36% in silver as an “indictment of the Fed,” as investors increasingly seek out hard assets to hedge against inflation, the depreciation in the U.S. Dollar, alongside broader monetary instability.
Gold’s ‘Unbelievable’ Run-Up Is Concerning
Billionaire hedge fund manager Kenneth Griffin expressed similar concerns recently, saying that “We're seeing substantial asset inflation away from the dollar as people are looking for ways to effectively de-dollarize or derisk their portfolios vis-a-vis US sovereign risk.”
According to Griffin, investors are increasingly seeing gold as a safer asset relative to the U.S. Dollar, a development that he finds “really concerning.”
Economist Peter Schiff, a prominent advocate for gold, said last week that the yellow metal’s rally is not going to stop, because the “dollar is not going to stop going down.”
During an interview, Schiff made the case for gold to scale past $5,000 and even $10,000 an ounce, “I mean, it could go to $20,000,” he said.
Gold currently trades at $4,208.20 per ounce, down 0.02% during the day, but up 14.4% over the past month alone. Silver trades at $52.61 per ounce, down 0.80% on Thursday, and up 23.58% over the past month.
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