Peter Schiff Says He Expects Gold, Silver To Hit New Highs Next Week As Yellow Metal Inches Close To All-Time High

Peter Schiff has advised investors to purchase gold and silver before equity markets open for trading next week.

Schiff's Bullish Outlook

In a recent post on social media platform X, Schiff anticipates record highs for both metals in the coming week.

"Don't wait for U.S. markets to resume trading on Monday morning. Buy your gold or silver now, before Asian markets open Sunday night. I'm expecting new record highs in both gold and silver early next week," Schiff said in the post.

Gold, Silver Prices Surge

The economist's comments come amid a surge in prices of gold and silver since the Federal Open Market Committee's (FOMC) 25 basis point rate cut announcement last week, on December 10.

Spot gold prices were hovering around $4,300 per troy ounce at the time of writing, after surging to nearly $4,350 earlier, just shy of the all-time high of $4,382.

Spot silver prices scaled a new high of $64.67, before losing some steam to hover around $62.02 per troy ounce.

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Offloading ‘Fool's Gold'

Schiff's advice to invest in gold and silver comes on the heels of his earlier comments on the cryptocurrency market. He referred to Bitcoin’s (CRYPTO: BTC) rebound as a “good opportunity” to sell what he termed “fool’s gold” and invest in silver instead. He celebrated silver’s new all-time high above $60 per ounce, following a notable intraday rise.

Earlier, Schiff criticized Bitcoin’s value as “purely subjective,” contrasting it with gold’s “objective” value due to its tangible properties and industrial uses. He has been vocal about the intrinsic value of gold, highlighting its conductivity, malleability, and corrosion resistance.

In November, Schiff warned of a “race to get out of Bitcoin” as the cryptocurrency dropped 4%, falling below the $89,000 mark. He argued that Bitcoin’s reputation as a top-performing asset was no longer valid.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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