Economist Peter Schiff has warned that gold’s recent price action—surging past $4,000 per ounce on Oct. 8—may signal that the United States is heading toward a major debt crisis in 2026. Drawing parallels to the lead-up to the subprime mortgage collapse that caught many off guard, Schiff said Wall Street is once again ignoring warning signs, raising the specter of another cataclysmic financial event.

Schiff issued his warning just hours after gold hit a new all-time high of $4,059 per ounce. Since the U.S. government shutdown began on Oct. 1, the precious metal has climbed more than 4%, with 30-day gains exceeding 10%. Analysts attribute the rally to increased gold accumulation by central banks concerned about the weakening U.S. dollar, as well as rising geopolitical tensions.

Concerns about an impending financial crisis—one that some fear could eclipse the severity of the 2008 meltdown—are gaining traction. A growing chorus of critics warns that the current market landscape is showing signs of a dangerous bubble, particularly within the tech and artificial intelligence (AI) sectors, where valuations have soared. They argue that investor exuberance has outpaced fundamentals, creating a fragile environment vulnerable to sharp corrections.

On the other hand, optimists point to robust corporate earnings, resilient consumer spending, and strong balance sheets as evidence that the economy remains on solid footing. They contend that while certain pockets of the market may be overheated, the broader financial system is better capitalized and more diversified than it was in 2008, potentially cushioning the impact of any downturn.

However, in a post on X, Schiff, a longtime gold advocate, said Wall Street is displaying the same complacency he observed prior to the 2008 crisis.

“Gold’s surge in 2025 likely portends a U.S. dollar and sovereign debt crisis next year that will make the 2008 financial crisis look like a Sunday school picnic. Yet, as was the case in 2007, few on Wall Street perceive the significance of the warning,” Schiff wrote.

While many of Schiff’s followers on X echoed his concerns, others pushed back. Selim Tokdemir, a social media user, dismissed the warning as repetitive, noting Schiff’s long history of predicting financial collapse.

“You said the dollar index would go down to 20 and gold would hit $5,000 in 2015—none of which happened,” Tokdemir replied.

Meanwhile, the ongoing standoff between Republicans and Democrats shows little sign of resolution, and the government shutdown is expected to persist. A prolonged shutdown could continue to fuel gold’s upward momentum, increasing the likelihood of the metal reaching new milestones.

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