He says silver may hit $50 per ounce. The rally will be short-lived, however, with Schiff describing the metal as “the new bitcoin.”
The rise in gold and silver price is “about to explode” and this is just the beginning of a much bigger move, according to Schiff.
“We’re barely getting started,” the CEO of Euro Pacific said in his podcast. He explained that is also coinciding with what’s happening to the US dollar, because gold is the greenback’s “principle competitor” when it comes to reserve assets.
Silver is up more than 13% so far today, while #Bitcoin is barely up 2%. #Silver is the new Bitcoin, except with direct utility. So while Bitcoin bugs are dreaming about Bitcoin going to the moon, they are missing the real life moonshot in silver.
— Peter Schiff (@PeterSchiff) July 22, 2020