PANews reported on June 15th that according to News.bitcoin, Peter Schiff, a long-time gold advocate and economist, recently emphasized on the X platform that gold mining stocks are currently leading the gold market, indicating that the current gold bull market has entered a stronger phase, with a similar breakthrough in the recent silver market. The Vaneck Gold Miners ETF (GDX) has reached its highest level since September 2012, surpassing spot gold. He believes this development confirms growing interest in the industry.
Peter Schiff further elaborated on the broader macroeconomic context, asserting that traditional safe-haven assets like US Treasury bonds are losing their appeal amid fiscal instability and intensifying inflation concerns. "As US Treasury bonds are sold off and gold prices approach near-historic highs, it's clear that a new safe-haven asset has emerged in the market." He attributes the growth in gold demand to central banks actively replacing US Treasury holdings with gold. Peter Schiff believes these reconfigurations reflect a shift in confidence that may accelerate as the market continues to cope with weak dollar fundamentals and increasing deficits.
