Peter Schiff Says Investors Running Out Of Time To Buy Gold Below $2K Per Ounce: 'Don't Get Left Behind'

Peter Schiff, chief economist and global strategist at Euro Pacific Capital, believes investors may be running out of time to buy gold below the $2,000 per ounce price, as the yellow metal has embarked on an upward path in the wake of sticky inflation.

What Happened: "Time is running out to buy #gold for less than $2K per ounce. Once gold breaks above $2.1K it’s off to the races. Don’t get left behind. The choice between fighting #inflation and mitigating a financial crisis was always inevitable, as was the Fed’s choice," Schiff said in his tweet.

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A weaker dollar and falling bond yields drove demand for the precious metal as it rose about 1% on Thursday. Spot gold was last trading close to the $1,978-per ounce level during Asian trading hours. Last week, it touched the $2,000-per ounce level.

The SPDR Gold Trust GLD and the iShares Gold Trust IAU have gained over 8% in last one month.

Expert Take: Bart Melek, head of commodity strategies at TD Securities, told Reuters that much of this rally continues to be a short covering rally. “The catalyst here is the continued expectations that rates in the U.S. will top out,” Melek said.

Last week, multiple analysts indicated gold prices have more potential to rise and possibly break all-time highs.

Market participants are now eyeing the release of the Personal Consumption Expenditures price index, which is the Federal Reserve's preferred measure of underlying price pressures.

“Anything below expectations on the core (PCE) would imply that there is less need or requirement for tight monetary policy from the Federal Reserve,” Melek told Reuters.

Photo: Courtesy of Wikimedia Commons

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