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Renowned economist Peter Schiff expressed his views on the current market dynamics and vouched for buying gold over Bitcoin (CRYPTO: BTC) and tech stocks.
What Happened: On Monday, Schiff took to X, formerly Twitter, and pointed out that investors are selling gold and moving toward risk assets like tech stocks and Bitcoin, despite the looming threat of inflation.
“Gold is down over $50 this morning as investors pile back into risk assets like tech #stocks and #Bitcoin. But the real risk is #inflation, so investors should be buying gold, not selling it. The miners will be even better buys as share prices always over-reacted to a gold drop,” he wrote.
See Also: S&P 500, Nasdaq Futures Signal Rebound Today: What’s Driving Stock Futures Higher?
Why It Matters: Schiff’s comments come amid a period of economic uncertainty. Schiff had previously criticized the Federal Reserve’s optimism and warned of a more devastating outcome than the 2008 financial crisis. He argued that the rising gold price, which had surpassed $2,200 per troy ounce, indicated that inflation was on the rise.
Schiff’s comments align with billionaire investor Ray Dalio who has also been advocating for gold as a hedge against inflation and the potential risks of a looming debt crisis. Dalio highlighted the escalating global debt levels, which reached a record $34 trillion in the U.S. this year.
Schiff, a vocal critic of Bitcoin, had earlier mocked Bitcoin holders after a halving event, predicting a halving of their net worth.
Earlier this month, gold prices hit record highs, reaching over $2,400 per ounce, further solidifying its status as a safe-haven asset amidst growing economic tensions and inflation concerns.
Image via Shutterstock
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