.png)
Gold To Outshine Bitcoin Amid Bets On Triple Fed Rate Cuts: Peter Schiff
The post Gold To Outshine Bitcoin Amid Bets On Triple Fed Rate Cuts: Peter Schiff appeared on BitcoinEthereumNews.com. Peter Schiff, a renowned economist and financial commentator, has expressed his expectations that gold will Outshine Bitcoin (BTC). Meanwhile, market participants are increasingly betting on three rate cuts by the U.S. Federal Reserve in 2024. This sentiment comes in the wake of the cooling U.S. Consumer Price Index (CPI) data reported on Thursday, July 11. Peter Schiff On Gold Vs Bitcoin Amid these developments, Peter Schiff has taken to social media to express his views on the market dynamics. In a series of posts on X (formerly Twitter), Schiff highlighted the performance of gold in response to the CPI data. He noted that gold prices surged by over $30, trading above $2,400, following the lower-than-expected inflation figures. In addition, Schiff emphasized that the Federal Reserve is seeking a “cover.” to cut interest rates. He believes that this move will lead to higher inflation in the future. Hence, Schiff remarked, “Gold is up over $30 this morning, following a lower-than-expected June CPI, trading back above $2,400. Don’t be fooled. The Fed is just looking for cover to cut interest rates. Inflation is headed much higher, especially once the Fed starts cutting. Got gold?” Schiff’s bullish stance on gold extends to his skepticism about Bitcoin. In response to a user’s comment on the recent rise in Bitcoin price, Schiff dismissed the sustainability of the cryptocurrency’s gains. “Bitcoin is up over $1500, got Bitcoin?” the user asked. Schiff replied, “No. It may be up now, but it won’t stay up.” Schiff also highlighted the breakout performance of gold stocks. He noted that both the VanEck Vectors Gold Miners ETF (GDX) and the VanEck Vectors Junior Gold Miners ETF (GDXJ) reached new 52-week highs. Furthermore, the Bitcoin critic pointed out that gold prices remain over 1% below their record high. This suggests that the…
The post Gold To Outshine Bitcoin Amid Bets On Triple Fed Rate Cuts: Peter Schiff appeared on BitcoinEthereumNews.com.
Peter Schiff, a renowned economist and financial commentator, has expressed his expectations that gold will Outshine Bitcoin (BTC). Meanwhile, market participants are increasingly betting on three rate cuts by the U.S. Federal Reserve in 2024. This sentiment comes in the wake of the cooling U.S. Consumer Price Index (CPI) data reported on Thursday, July 11. Peter Schiff On Gold Vs Bitcoin Amid these developments, Peter Schiff has taken to social media to express his views on the market dynamics. In a series of posts on X (formerly Twitter), Schiff highlighted the performance of gold in response to the CPI data. He noted that gold prices surged by over $30, trading above $2,400, following the lower-than-expected inflation figures. In addition, Schiff emphasized that the Federal Reserve is seeking a “cover.” to cut interest rates. He believes that this move will lead to higher inflation in the future. Hence, Schiff remarked, “Gold is up over $30 this morning, following a lower-than-expected June CPI, trading back above $2,400. Don’t be fooled. The Fed is just looking for cover to cut interest rates. Inflation is headed much higher, especially once the Fed starts cutting. Got gold?” Schiff’s bullish stance on gold extends to his skepticism about Bitcoin. In response to a user’s comment on the recent rise in Bitcoin price, Schiff dismissed the sustainability of the cryptocurrency’s gains. “Bitcoin is up over $1500, got Bitcoin?” the user asked. Schiff replied, “No. It may be up now, but it won’t stay up.” Schiff also highlighted the breakout performance of gold stocks. He noted that both the VanEck Vectors Gold Miners ETF (GDX) and the VanEck Vectors Junior Gold Miners ETF (GDXJ) reached new 52-week highs. Furthermore, the Bitcoin critic pointed out that gold prices remain over 1% below their record high. This suggests that the…
What's Your Reaction?
