Peter Schiff Foresees A 'Trifecta Of Doom' — Gold Bug Warns Of Entrenched Inflation And Loss Of Confidence In The US Economy
Portfolio Pulse from Benzinga Neuro
Economist Peter Schiff has warned of a 'trifecta of doom' due to a potential rise in bond yields, oil, and gold, indicating entrenched inflation and dwindling confidence in the Federal Reserve and the U.S.'s fiscal solvency. He also noted that the dollar could be the next to fall and that the stock market might be the last to react. On the same day, Schiff noted that Gold had shrugged off the day’s spike in bond yields to close nearly $3 higher. Gold mining stocks performed well on Tuesday with the VanEck Gold Miners ETF (NYSE:GDX) rising over 1.8%.
October 18, 2023 | 1:19 am
News sentiment analysis
Sort by:
Descending
POSITIVE IMPACT
The VanEck Gold Miners ETF (NYSE:GDX) rose over 1.8% amid warnings of entrenched inflation and dwindling confidence in the Federal Reserve and the U.S.'s fiscal solvency.
The rise in the VanEck Gold Miners ETF (GDX) is directly linked to Peter Schiff's warning about potential inflation and loss of confidence in the U.S. economy. As gold is often seen as a safe haven during economic uncertainty, the rise in gold prices and the performance of gold-related stocks like GDX could be a direct result of these concerns.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100