Huge GOLD News FROM Central Banks & BRICS! It'll Change Gold & Silver Prices FOREVER - Peter Schiff

Huge GOLD News FROM Central Banks & BRICS! It'll Change Gold & Silver Prices FOREVER - Peter Schiff

Gold is on track for its best return since 2010, outpacing even 2020's 25.1% gain as the COVID-19 pandemic accelerated doomsday investment bets.
All countries want to have a piece of the gold market. In 2024, central banks worldwide began to cut interest rates, and the value of gold was once again pushed to the forefront. In the first quarter, global gold demand increased by 3% year-on-year, which shows how popular gold is.
Known for his contrarian views on global markets, Peter Schiff is a renowned economist and CEO of Euro Pacific Capital. Regarding the BRICS nations, Peter Schiff suggests they are gradually building a new monetary system to replace the US dollar. He believes the shift is inevitable and that sanctions on Russia have accelerated the process. Meanwhile, Peter anticipates that central banks in BRICS countries will continue buying gold, pushing prices higher as Western investors sell. He adds that market skepticism will diminish once gold surpasses 4,000 dollars per ounce. The Central Bank of France has attributed the recent surge in gold prices to Russia and China's growing efforts to reduce their reliance on the US dollar.
According to a new report from the French central bank, the demand for gold has skyrocketed as these two nations have shifted away from dollar-denominated assets. Despite declining gold ETF holdings and the Fed's continued monetary tightening, gold prices have reached unprecedented levels.
From a technical standpoint, Peter explains that gold's rising price reflects the dollar's devaluation, not a change in gold's value. He predicts that with the exponential increase in the dollar supply, gold prices will go parabolic in the coming years.
Recently, Peter Schiff declared silver undervalued compared to gold and predicted that its price would rise significantly. He notes that silver remains cheaper than in 1980, unlike most commodities, making it a bargain. Peter also highlights that rising oil prices and an impending US recession could drive silver and gold to new highs. The silver market has been characterized by significant price fluctuations in recent years, catching the attention of investors and traders alike. This precious metal, often overshadowed by its more glamorous counterpart, gold, has shown remarkable resilience and potential for growth.
Historically, silver has experienced dramatic price spikes, with its all-time high reaching approximately 50 dollars per ounce in 1980 and again in 2011. These historical peaks are benchmarks for silver enthusiasts who believe the metal is poised for another significant rally.
While reflecting on market fundamentals, Peter says gold mining stocks are his largest investment. He predicts gold will outpace mining costs and expresses that these stocks are undervalued and poised for strong returns.

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