Investing.com – Economist Peter Schiff shared his analysis of the recent performance of gold and gold in a series of posts on the social network X. Gold, known for its stability, reached new heights on the morning of Monday, April 1, while bitcoin hovered below the $70,000 mark.
At 2:12 pm, the price of the gold futures contract expiring in June was up 0.94% at US$2,259.75 per ounce. The golden metal reached a peak of US$2,286.35 at around 1:00 am (Brasília time) this Monday morning.
Schiff highlighted that although bitcoin reached a new peak in dollar terms, it failed to surpass gold, weakening the idea that bitcoin is the digital equivalent of the precious metal.
The economist criticized those who defend bitcoin for underestimating the modest increase in gold, ignoring that an increase of 3% in two days represents an increase of 450 billion dollars in market value. For bitcoin to match this feat, it would need a jump of 23,000 dollars, reaching 94,000 dollars.
Schiff also noted the rarity of a $30 increase in the value of gold on a single Sunday night, especially without news justifying such a move, suggesting something significant could be brewing on the financial horizon.
He warned that an event of great magnitude could be on the horizon, for which many investors, including governments and central banks, may not be prepared.
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