Advertisement
Canada markets closed

  • S&P/TSX

    21,873.72
    -138.00 (-0.63%)
     

  • S&P 500

    5,071.63
    +1.08 (+0.02%)
     

  • DOW

    38,460.92
    -42.77 (-0.11%)
     

  • CAD/USD

    0.7297
    -0.0001 (-0.01%)
     

  • CRUDE OIL

    82.82
    +0.01 (+0.01%)
     

  • Bitcoin CAD

    88,110.82
    -2,895.97 (-3.18%)
     

  • CMC Crypto 200

    1,385.58
    -38.52 (-2.71%)
     

  • GOLD FUTURES

    2,328.80
    -9.60 (-0.41%)
     

  • RUSSELL 2000

    1,995.43
    -7.22 (-0.36%)
     

  • 10-Yr Bond

    4.6520
    +0.0540 (+1.17%)
     

  • NASDAQ futures

    17,469.25
    -195.25 (-1.11%)
     

  • VOLATILITY

    15.97
    +0.28 (+1.78%)
     

  • FTSE

    8,040.38
    -4.43 (-0.06%)
     

  • NIKKEI 225

    38,460.08
    +907.92 (+2.42%)
     

  • CAD/EUR

    0.6818
    -0.0001 (-0.01%)
     

Gold Bug Peter Schiff Celebrates Metal’s Pitiful Gains, Bashes Bitcoin

Ian Bezek
Updated
Despite gold and silver still trading way below their 2011 peaks, incorrigible bull Peter Schiff is promoting metals while slamming bitcoin as a scheme. | Source: (i) Shutterstock (ii) Flickr/Gage Skidmore (iii) Shutterstock; Edited by CCN
Despite gold and silver still trading way below their 2011 peaks, incorrigible bull Peter Schiff is promoting metals while slamming bitcoin as a scheme. | Source: (i) Shutterstock (ii) Flickr/Gage Skidmore (iii) Shutterstock; Edited by CCN

By CCN Markets: Longtime crypto critic and gold proponent Peter Schiff is excited. He’s not happy due to the stock market hitting new all-time highs or bitcoin prices surging but rather by a microscopic advance in the price of gold.

This week, the price of gold topped $1,400 per ounce for the first time in more than five years. This, a mere 25% rally from recent lows, was enough for Schiff to declare victory:

Schiff dismisses bitcoin’s huge gains while declaring a new gold bull market | Source: Twitter

Over the last year exactly, it is up $130 per ounce or 10 percent.

Schiff: Wrong on Gold for a Long Time

Peter Schiff has reasons to stay permanently bullish on gold. For one, he runs a website which buys and sells physical gold and silver. His asset management company also runs a mutual fund that invests in gold-related stocks. Over the past five years, it has returned less than 1 percent annually. Forget topping bitcoin, Schiff’s gold fund hasn’t even been able to keep up with a savings account.

Read the full story on CCN.com.