Economist Peter Schiff: The current gold bull market has entered a stronger phase

Coin World reported on June 15 that Peter Schiff, a long-time advocate of gold and economist, recently emphasized on the X platform that gold mining stocks are currently leading the gold market. This indicates that the current gold bull market has entered a stronger phase, and the recent breakthrough in the silver market is similarly significant. The VanEck Gold Mining ETF (GDX) has reached its highest level since September 2012, surpassing spot gold. He believes this development confirms that interest in the industry is growing.
Peter Schiff further elaborated on the broader macroeconomic context, asserting that traditional safe-haven assets like U.S. Treasuries are losing their appeal amid fiscal instability and rising inflation concerns. 'As U.S. Treasuries are being sold off, gold prices are nearing all-time highs, it is evident that a new safe-haven asset has emerged in the market.' He attributed the growth in gold demand to central banks actively replacing their holdings of U.S. Treasuries with gold. Peter Schiff believes that these reallocations reflect a shift in confidence, and as the market continues to grapple with the effects of the weakening dollar fundamentals and increasing deficits, this shift may accelerate.