NG - Peter Schiff Says Gold Stocks Show 'Extreme Bearishness' Despite Yellow Metal's Record Run: Can These Stocks Climb A 'Wall Of Worry?' | Benzinga
Gold has been on fire of late, propelled by expectations that the Federal Reserve will soon begin cutting rates. Economist Peter Schiff, who is a avowed gold bull, commented on the commodity’s move in a post on X, formerly Twitter, on Friday.
What Happened: Spot gold settled Friday’s session at $2,070.90 a troy ounce after rising to an intraday high of $2,075.34. Gold futures for December delivery rose 1.72% before ending at $2,073.20.
So far this year, the spot gold and gold futures have rallied about 13.5%. In comparison, the S&P 500 Index has advanced about 19.67%..
Commenting on the move, Schiff said that, despite gold’s $35 climb on Friday and its record close, gold mining stock rose by a more modest percentage than gold. This, he said, suggested “extreme bearishness.”
Just to hit a 52-week high, gold stocks still have to rise 12%, ...