Economist and gold advocate Peter Schiff has published several articles on X this week highlighting the rise in gold prices and discussing the economic factors affecting gold and related stocks, according to Odaily Planet Daily. He said: "Gold is experiencing one of its best years ever, with an increase of more than 26%, and is expected to exceed the 32% increase in 2007." Gold prices soared after the Federal Reserve cut interest rates by 50 basis points on Wednesday, the first rate cut in more than four years.
Schiff also said that gold is “heading for its best year since 1979, when it gained 126%.” Despite the strong performance, many traders are quick to sell gold mining stocks at the slightest pullback. He added: “Gold is up more than $540 so far in 2024, the largest dollar gain in history. It’s no coincidence that this is happening in a year when the national debt is soaring and the Fed is cutting rates — even though inflation is well above the 2% target and trending upward.”
