Peter Schiff: Gold has risen more than 26% this year and may have its best year since 1979

Economist and gold advocate Peter Schiff has published several articles on X this week, highlighting the rise in gold prices and discussing economic factors affecting gold and related stocks. He said on Odaily: "Gold is experiencing one of its best years ever, with an increase of more than 26%, and is expected to exceed the 32% increase in 2007." Gold prices soared after the Federal Reserve cut interest rates by 50 basis points on Wednesday, the first rate cut in more than four years. He also said that gold "will have its best year since 1979, when gold prices rose 126%." Schiff also noted that despite the strong performance of gold prices, many traders are quick to sell gold mining stocks as soon as they retreat a little. "If a $40 increase in gold prices causes gold mining stocks to rise 2%, then a $5 drop in gold prices causes mining stocks to lose half of their gains." He added: "So far, gold prices have risen by more than $540 in 2024, which is the largest dollar increase in history. The fact that this happened in a year when the national debt soared and the Federal Reserve cut already low interest rates - even though inflation is well above the 2% target and trending upward, is no coincidence." (Bitcoin.com)