Peter Schiff Says 'It's Off To The Races' For This Asset Class, Predicts 35% Upside

Economist Peter Schiff has made a bold prediction about the future of commodity prices, suggesting that a significant surge may be on the horizon.

What Happened: Schiff, in an X post on Tuesday, shared a chart of the Commodity Research Bureau Index (CRB), indicating that a new high could be imminent.

“Here is the chart of the CRB. Once the index takes out the 2022 high, it’s off to the races. The 2011 high is about 10% above the current price. But I doubt that high will provide much resistance. I think the CRB will soon reach the 2008 high, which is a 35% gain from here,” Schiff wrote.

The CRB Index serves as a key benchmark for global commodity markets, reflecting the overall price direction of various commodity sectors.

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According to Schiff, if the index surpasses its 2022 high, it could potentially lead to a substantial increase. He also suggested that the 2011 high, which is approximately 10% above the current price, may not pose a significant obstacle. Schiff further projected that the CRB could soon reach the 2008 high, representing a 35% gain from its current level.

Why It Matters: Schiff’s prediction comes when the global economy is facing significant challenges. Just last week, Schiff warned of a potentially “far more devastating outcome” than the 2008 financial crisis, criticizing the Federal Reserve’s optimistic stance under the leadership of Jerome Powell.

Despite his skepticism of Bitcoin and his concerns about the limitations in trading Bitcoin through an ETF, Schiff’s latest prediction suggests a potential shift in the market dynamics, which could have a significant impact on global trade and investment.

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