Economist and gold advocate Peter Schiff shared a series of posts on social media platform X on June 13, emphasizing renewed bullish momentum in the gold market. He argued that the performance of gold mining stocks relative to the metal itself signals a shift in investor sentiment. Schiff wrote:

The fact that gold mining stocks are now leading the metal is a sign that this gold bull market has kicked into a higher gear, as is the recent breakout in silver.

The gold advocate highlighted that the Vaneck Gold Miners ETF (GDX) has reached its highest level since September 2012, outpacing spot gold—a development he sees as confirmation of strengthening interest in the sector.

Expanding on the broader macroeconomic context, Schiff asserted that traditional safe-haven assets like U.S. Treasuries are losing appeal amid fiscal instability and rising inflation concerns. He stated: “With U.S. treasuries selling off and gold rising to near record highs, it should be clear that there’s a new safe haven in town.” He attributed the rising demand for gold to central banks actively replacing U.S. debt holdings with the metal. According to Schiff, these reallocations reflect a shift in confidence that will likely accelerate as markets continue to respond to weakening dollar fundamentals and growing deficits.

Schiff also weighed in on inflation dynamics and oil market developments. He contended that Democratic voters are closer to reality in expecting higher inflation, citing a 10.1% projection versus 1.5% from Republicans. While he acknowledged CPI is unlikely to reach that figure, he argued it would surpass the prior year’s increase.

He also issued a warning on energy: “The U.S. rig count fell for the 7th consecutive week, as drilling hit its lowest level since Nov. 2021.” Schiff added:

With a weaker dollar, increased geopolitical risk, and declining domestic production, oil prices have a long way to rise. It won’t be long before higher oil prices hit the CPI.

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