Economist Peter Schiff: This round of gold bull market has entered a stronger phase

PANews reported on June 15 that according to News.bitcoin, Peter Schiff, a long-time gold advocate and economist, recently emphasized on the X platform that gold mining stocks are currently leading the gold market, indicating that this round of gold bull market has entered a stronger phase, and the recent breakthrough in the silver market is also the case. The Vaneck Gold Mining ETF (GDX) has reached its highest level since September 2012, surpassing spot gold. He believes that this development confirms that people's interest in the industry is increasing.

Schiff further elaborated on the broader macroeconomic backdrop, asserting that traditional safe-haven assets such as U.S. Treasuries are losing their appeal amid rising fiscal instability and inflation concerns. "With the sell-off in U.S. Treasuries and gold prices rising to near all-time highs, it is clear that a new safe-haven asset has emerged in the market." He attributed the increase in gold demand to central banks actively replacing their U.S. Treasury holdings with gold. Schiff believes that these reallocations reflect a shift in confidence, which could accelerate as markets continue to grapple with the impact of weak U.S. dollar fundamentals and growing deficits.