Peter Schiff, one of the biggest gold advocates, said that the slow growth of the gold price will create a real fluctuation soon. Peter Schiff, a leading economist, tweeted that gold will be a target for large purchases due to the global course in USD after the gold price has closed impressively weekly.
Today gold recorded a weekly close above $1,800 for the first time since Sept. of 2011. Soon this slow and steady rise will become a surge, as a global run on the U.S. dollar creates world-wide panic buying of #gold. Buy your gold now from @SchiffGold before the stampede starts.
— Peter Schiff (@PeterSchiff) July 17, 2020
Over $ 800 a week
Peter Schiff, general manager of Euro Pacific Capital, shared in his last tweet that the price of gold has made a weekly pressure above the $ 1,800 level for the first time since autumn 2011.
Schiff predicts that this gradual growth will soon turn into a big fluctuation and demand for gold when investors are dying for it because of the Fed’s terrible USD injection. Schiff said the following about the subject:
“Get your gold before the stampede for gold purchases begins.”
Peter Schiff also reminded his followers of the US Dollar Index, which has gained value for one month since February 1 last year. The economist thinks that the gradual fall of the USD will turn into an irregular collapse soon and will pull down the US economy and markets.
Still Not Embracing Bitcoin
After the massive Twitter hacking scandal earlier this week, Peter Schiff managed to find something to criticize Bitcoin even here. Stating that the hacking scandal is aimed at Bitcoin fraud, Schiff said that this could be a harbinger of BTC’s hacking.