Schiff on Commodity Culture: Gold Breaks $3,600

On Monday’s episode of the Commodity Culture podcast, Peter joins host Jesse Day and walks listeners through what he sees as a pivotal moment for precious metals and for the dollar. He argues that gold quietly began a new leg of its bull market in 2024, that the labor market is weaker than officials admit, and that the Federal Reserve is headed toward politically driven policy errors that will push central banks back toward gold. His comments range from technical market observations about silver to a wider critique of monetary policy, reserve currencies, and political interference with the Fed.

Peter opens by putting the recent price action in context and explaining why many investors missed the move until it was well underway:

I think this cycle really just got started after that consolidation. But I think the leg started in 2024 when we broke above $2,000 and we quietly moved from $2,000 to $3,000 and nobody noticed it. In fact, when gold was hanging out at $2,000, a lot of analysts put sell recommendations on Newmont and Barrick because they thought that gold had topped and they didn’t see any upside. And then I think when Trump won, a lot of people expected the gold to fall because the economy was going to boom and Trump was going to do all this great stuff about shrinking the deficit, making America great again. But now it’s becoming more obvious that none of that was true.