Peter Schiff: Gold Pricks the Bitcoin Bubble

In Wednesday’s episode of The Peter Schiff Show, Peter concentrates on the fallout from gold breaking $4,000 and what that means for the dollar, monetary policy, and crypto. He ties the metal’s surge to the structural consequences of the dollar’s reserve status, calls out surprising admissions from big-name financiers and former Fed officials, and argues that Bitcoin’s “digital gold” story is unraveling.  

He opens by noting how the media finally pays attention once a price gets headline-grabbing, even if they miss the deeper story about why gold is rising:

Well, it’s been one week since I did my last podcast and when I did my last podcast, it was also on a Wednesday and what prompted me to do it that day was the fact that it was the first day that gold broke 4000 and there was a lot of media attention. And of course, they missed the bigger picture as to why gold was at 4000 and what it pretended. But they did cover it. The media had pretty much ignored gold all the way up to 4000. But when it got there, all of a sudden it was a bit of a story.

He then explains why $4,000 gold is more than a price milestone — it’s a symptom of deeper reliance on the dollar’s special role and on fiat money creation: