Peter Schiff Expects Gold Mining to Be Best-Performing Sector This Decade — Foresees 'Major Bull Market'

Economist and gold advocate Peter Schiff predicts that “precious metals mining will be the best-performing sector” this decade. He highlighted that “gold mining stocks are a steal” and anticipates “a major bull market.” Additionally, Schiff cautioned that the Federal Reserve risks making a policy mistake by cutting interest rates too soon.

‘The Stage Is Set for a Major Bull Market’

Economist and gold advocate Peter Schiff continued to express his opinion on gold, gold mining stocks, and the actions of the Federal Reserve on social media platform X this week as the price of gold surged.

“Gold stock investors still don’t get it. Gold doesn’t have to keep going up for gold stocks to go up,” Schiff detailed on X Monday. “If gold just stays at its current price, gold stocks should rise significantly from here.” However, he stressed:

There is no way gold prices will stay this low, so gold mining stocks are a steal.

“Gold is trading at a new record high, above $2,530. As a result, the GDX finally made a new 52-week high, taking out the 52-week high it set over a month ago. The GDXJ still needs to rally another 1.8% to take out its 52-week high. Stock investors still don’t believe the rally,” Schiff opined.

The Vaneck Gold Miners ETF (GDX) is widely regarded as a benchmark for gold mining stocks. This exchange-traded fund (ETF) tracks the performance of companies involved in the gold mining industry, including large and mid-cap stocks. The Vaneck Junior Gold Miners ETF (GDXJ) focuses on smaller, junior gold mining companies.

On Monday, Schiff noted on X that gold “just had two consecutive daily closes above $2,500” and “many gold mining stocks hit new 52-week highs today.” The economist further commented:

The stage is set for a major bull market. I expect precious metals mining to be the best-performing sector, not just for the remainder of this year, but for this decade.

On Tuesday, Schiff highlighted the decline in the Dollar Index: “The Dollar Index just sank to a 7-month low as gold is trading at a record high.” The economist warned: “These markets are indicating that the Fed is about to make a major policy mistake by cutting interest rates too soon. That will just be the most recent in a long list of consistent policy mistakes.” Schiff stated last week that the Fed should raise interest rates, despite the likelihood of market crashes.

What do you think about Peter Schiff’s predictions regarding gold mining stocks and Federal Reserve policies? Let us know in the comments section below. #Write2Earn