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Prominent economist Peter Schiff made a bold call on Monday, drawing a direct parallel between gold’s current selloff and the 2008 Global Financial Crisis.
Writing on X, Schiff said, “In the early months of the 2008 GFC, gold crashed 32%, about 40% of its prior bull-market gain.”
He argued the setup looks identical today. Gold nearly hit $4,100 Monday, down 27% from its peak — also roughly 40% of its gain since the $2,000 level. His conclusion: “A 178% surge from that low puts gold at $11,400.”
Bear Market Follows Record High
Gold hit an all-time high of $5,589 in January. It has since shed over 22%, last trading at $4,357.29. The U.S.-Iran conflict sent oil above $112, stoking …
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