Peter Schiff claims that CNBC is too fixated on Bitcoin and has failed to cover important events in the gold market.
Cryptocurrency sceptic Peter Schiff said that CNBC paid too much attention to Bitcoin and its ETFs and too little attention to major movements in the gold market. Schiff brought attention to the fact that GLD, the gold ETF, had record-high performance and that CNBC had neglected to appropriately report on the $43 rise in gold prices. Schiff claims this omission is representative of a deeper problem in financial journalism, where the fascination with cryptocurrency tends to eclipse that of more conventional assets like gold.
In the midst of dismal U.S. industrial statistics and falling consumer confidence, gold prices surged to a two-month high, up roughly 1.5 percent, prompting criticism. All of these things have prompted some to believe that the Fed would lower interest rates to help the economy. As of right now, one ounce of gold is trading for $2,075.03, which is getting close to the all-time high from December 2023. A drop in Treasury rates added fuel to the fire, causing gold to see its biggest intraday gain since mid-January.
Rising hopes that the Federal Reserve may lower borrowing rates in reaction to economic data have contributed to gold’s recent price surge. Due in part to this anticipation, Treasury rates have fallen and gold’s intraday price has risen significantly.
Despite nine weeks of inflows, the GLD ETF set a new record high, according to Peter Schiff’s views on the X social media platform, which further supports the positive signals for gold. This shift from “dumb money” to “smart money” in the market shows that investors are becoming more knowledgeable about the value and growth potential of gold.
Schiff also said that there is a disconnect between the good fundamentals that underpin the value of gold and the lackluster attitude towards gold mining firms. He brought attention to the fact that NEM, the biggest gold mining firm in the world, had a five-year slump in stock price with the soaring gold price. Despite the present undervaluation of gold mining equities, this paradox emphasizes the everlasting worth of gold and its prospects for future expansion.
The fact that Peter Schiff took issue with how CNBC reported on the big changes in the gold market highlights a larger discussion over the importance of financial news. Gold and other conventional assets are still important barometers of the world economy, even if cryptocurrency is all the rage at the moment.
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