Peter Schiff, an American stockbroker and a financial commentator, has criticized CNBC for its keen emphasis on Bitcoin and the recently introduced Bitcoin ETFs while neglecting to report significant changes in the gold market.
As of Mar. 2. Schiff stated that CNBC didn’t report on the $43 gain in gold prices or the all-time high of the GLD ETF. He says this mistake shows a significant problem with how mainstream financial news works.
#CNBC is so fixated on the sideshow going on with #Bitcoin and the new #BitcoinETFs, that they haven’t even reported on today’s $43 rise in the price of #gold, or the new record-high price in the gold ETF $GLD. This lack of mainstream coverage is just one of many bullish signs.
— Peter Schiff (@PeterSchiff) March 1, 2024
Meanwhile, gold prices experienced a notable upswing, reaching a two-month peak with a near 1.5% increase, attributed to lackluster U.S. factory data and a dip in consumer sentiment.
Rumors that the Federal Reserve might lower interest rates made the increase stronger. The price of gold hit $2,075.03 an ounce, getting closer to its all-time high set in December 2023.
Schiff’s recent posts on the X amplify bullish sentiments for gold, highlighting the GLD ETF’s new record-high price despite nine consecutive weeks of outflows, indicative of a shift from “dumb money” to “smart money.”
What’s even more bullish about the new record-high price of $GLD is that it followed nine consecutive weeks of outflows. Normally retail investors buy when GLD is going up and sell when it’s going down. This time they did the opposite. The dumb money sold to the smart money.
— Peter Schiff (@PeterSchiff) March 1, 2024
Schiff also pointed out the difference between solid fundamentals for gold and sluggish sentiment toward stocks related to gold mining. Gold prices were rising, and NEM, the world’s most prominent gold mining company, hit a low point not seen in five years. He added:
Gold is up $43, sending $GLD to a new record-high. Just two days ago, shares of $NEM, the world’s largest #gold mining company, hit a 5-year low. There’s never been a time when the fundamentals for gold where so stong, yet investor sentiment in gold mining stocks was so weak.
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