Tech
Peter Schiff Warns Against Accumulating ‘Risk Assets’ Like Tech Stocks and Bitcoin Amid Inflation Concerns: ‘Investors Should Buy Gold’
April 22, 2024 10:13 am | 2 minute read |
Renowned economist Peter Schiff expressed his views on the current market dynamics and guaranteed the purchase of gold Bitcoin (CRYPTO: Bitcoin) and technology stocks.
What happened: On Monday, Schiff took to X, formerly Twitter, and pointed out that investors are selling gold and moving into risky assets like tech stocks and Bitcoin, despite the looming threat of inflation.
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“Gold fell over $50 this morning as investors return to risky assets like tech stocks and Bitcoin. But the real risk is inflation, so investors should buy gold, not sell it. Miners will make even better purchases as stock prices have always overreacted to falling gold,” she wrote.
See also: S&P 500 and Nasdaq Futures Report a Rebound Today: What’s Driving Stock Futures Higher?
Because matter: Schiff’s comments come during a time of economic uncertainty. Schiff had already done this before criticized the Federal Reserve’s optimism and warned of a more devastating outcome than the 2008 financial crisis. He argued that the rising price of gold, which had surpassed $2,200 per troy ounce, indicated that inflation was rising.
Schiff’s comments are in line with the billionaire investor Ray Dalio Who he also backed gold as a hedge against inflation and the potential risks of a looming debt crisis. Dalio highlighted rising global debt levels, which have reached a record $34 trillion in the United States this year.
Schiff, a vocal critic of Bitcoin, had done so they previously mocked Bitcoin holders after a halving event, expecting their net worth to halve.
Earlier this month, Gold prices have reached record levelsreaching over $2,400 per ounce, further consolidating its status as a safe haven asset in a context of growing economic tensions and concerns about inflation.
Image via Shutterstock
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