Gold Nears $3,060 As Stocks, Bonds And Bitcoin Slide—Peter Schiff Says This 'Record High' Is Due To Eroding Dollar Confidence And Rising Inflation Fears

Gold has reached another record high, and renowned economist Peter Schiff attributes this to declining trust in the U.S. dollar and the certainty of inflation exceeding 2%.

What Happened: On Thursday, Schiff, a well-known critic of U.S. monetary policy and an advocate for gold, took to X to express his views on the recent surge in gold prices.

“Gold is at another record high this morning, rising almost $40, just below $3,060. U.S. stocks, bonds, and Bitcoin are all falling. Gold is not rising due to uncertainty, but due to a loss of confidence in the dollar and the certainty that inflation will be much higher than 2%,” Schiff posted.

Peter Schiff credits gold’s surge to nearly $3,060 to waning confidence in the U.S. dollar, aligning with his persistent critique of U.S. monetary policy and his endorsement of gold as a safeguard against inflation.

Schiff’s tweet reflects broader market trends, with gold prices climbing due to tariff uncertainties under the Trump administration and central banks increasing gold reserves. His mention of Bitcoin’s decline aligns with his historical skepticism of cryptocurrencies.

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Why It Matters: Gold has soared to unprecedented heights, breaking past the $3,000 mark, reflecting a favorable shift in U.S. policy that has bolstered the precious metal’s appeal. On Wednesday, Goldman Sachs increased its end-2025 gold price forecast to $3,300 per ounce from $3,100, attributing the revision to higher-than-anticipated ETF inflows and continued strong demand from central banks.

While Peter Schiff stated that the reason for gold’s surge is not uncertainty, Nitesh Shah, commodities strategist at WisdomTree, has a different opinion. Shah told Reuters, “Policymaking coming from the U.S. is driving huge amounts of uncertainty and gold, being the defensive, anti-fragile asset, is largely going up because of those uncertainties,”

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.