Economist and gold advocate Peter Schiff highlighted the extraordinary strength of the gold market in a statement on the social media platform X on Thursday (March 20). He claimed that this is the strongest gold bull market in history, despite weak investor sentiment.
Although gold prices have surpassed $3,000 per ounce, Schiff pointed out that investor skepticism has led to an unexpected decline in gold mining stocks.
“Gold is trading above $3,000 per ounce, and today’s $15 drop is insignificant. Gold mining stocks should be rising, but anxious investors continue to sell. This is the strongest gold bull market, yet sentiment remains the weakest,” Schiff wrote on X.
He also discussed gold’s resilience against the strong U.S. dollar and predicted further dollar weakening. Schiff emphasized that as long as gold prices stay near $3,000, gold mining stocks should outperform Wall Street’s earnings expectations.
“It makes no sense for gold mining stocks to drop just because gold prices dip slightly. These stocks were already undervalued when gold was at $2,000, and they should surpass Wall Street’s earnings estimates with gold around $3,000,” he added.
Analyzing the broader financial landscape, Schiff argued that traditional stock market metrics fail to account for inflation properly. According to him, when measured against gold, the stock market’s performance is significantly weaker than it appears in dollar terms.
