Peter Schiff, chief Economist and global strategist at Euro Pacific Capital, has asked Bitcoin (CRYPTO: BTC) "fanatics" to stop making fun of gold based on its market movement.
“#Bitcoin fanatics need to stop making fun of #gold's $52 rise, claiming a 3% move is nothing compared to what Bitcoin does. Bitcoin was only up 4% today. Not nearly enough of an extra gain to offset substantially higher risk. The $GDX was up over 10%. The miners are a better bet,” Schiff said in his tweet.
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Schiff explained how positive divergences in gold prices indicate the commodity is likely to have witnessed its lows and is headed higher going forward. “#Gold is up over $50 today. Daily gains that large rarely happen. The positive divergences I have been pointing out between #silver and the miners likely mean gold has seen its lows. If so, $50 daily spikes will soon be common. In fact, gold may soon have its first $100 up day,” he said in his tweet on Sunday.
#Gold had an out-side reversal week, where it not only took out last week's low and closed above last week's high, but this week's low was also a new 52-week low. #Silver also had a similar out-side reversal week, but did not make a new 52-week low. Another positive divergence.Gold Miner ETFs: Schiff also highlighted his bullish stance on gold miner ETFs saying the rise in prices is likely to be the beginning of a long trend. He advised investors to mind this trend and not be the last one aboard.— Peter Schiff (@PeterSchiff) November 4, 2022
“Since the end of Aug. the $GDXJ, an index of junior #gold mining stocks, is up 5.5%. During that same period of time the NASDAQ is down 11.5%. Lots of investors own big tech. Very few own junior miners. This is likely the beginning of a long trend. Don't be the last one onboard,” he said in his tweet.
The VanEck Gold Miners ETF (NYSE: NYSE:GDX) closed over 10% higher on Friday while the iShares MSCI Global Gold Miners ETF (NASDAQ: RING) closed 9.76% higher.
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