FameEX Hot Topics | Peter Schiff Predicts Gold Mining to Lead This Decade, Anticipates 'Major Bull Market'

Economist and gold advocate Peter Schiff shared his views on gold, gold mining stocks, and the Federal Reserve's actions on social media platform X this week, as gold prices surged.

Schiff emphasized that gold stock investors are missing an important point: "Gold doesn’t have to keep going up for gold stocks to rise," he explained on Monday. He further noted that even if gold maintains its current price level, gold stocks should still see significant gains. However, Schiff is confident that gold prices won't stay at this level for long, making gold mining stocks a "steal."

Schiff highlighted that gold was trading at a new record high, surpassing $2,530. This surge led the Vaneck Gold Miners ETF (GDX) to reach a new 52-week high, breaking a previous high set just over a month ago. He observed that the Vaneck Junior Gold Miners ETF (GDXJ), which focuses on smaller gold mining companies, still needs to rally by 1.8% to hit its own 52-week high. Despite these developments, Schiff pointed out that many stock investors remain skeptical of the rally.

The Vaneck Gold Miners ETF (GDX) is a key benchmark for gold mining stocks, tracking the performance of large and mid-cap companies in the gold mining industry. Meanwhile, the Vaneck Junior Gold Miners ETF (GDXJ) focuses on smaller, junior mining companies.

On Monday, Schiff also mentioned that gold had achieved two consecutive daily closes above $2,500, with many gold mining stocks reaching new 52-week highs. He confidently stated, "The stage is set for a major bull market," predicting that precious metals mining will be the best-performing sector not only for the remainder of this year but for the entire decade.

On Tuesday, Schiff drew attention to the declining Dollar Index, which hit a 7-month low as gold reached record highs. He warned that these market signals suggest the Federal Reserve might make a significant policy mistake by cutting interest rates too soon, adding to a history of consistent policy errors. Last week, Schiff argued that the Fed should raise interest rates, even if it risks market crashes.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.