Economist Peter Schiff emphasizes the significance of investing in gold amidst concerns about inflation. He advises against selling gold and investing in risky assets such as tech stocks and Bitcoin, given the impending threat of inflation.
Schiff points out that investors are currently selling gold and shifting towards riskier assets, despite the looming risk of inflation. He stresses that gold is down significantly due to investors flocking towards riskier assets like tech stocks and Bitcoin. However, he maintains that the real risk lies in inflation, and investors should purchase gold, not sell it.
Schiff aligns with billionaire investor Ray Dalio, who also advocates for gold as a hedge against inflation and potential risks associated with a looming debt crisis. Dalio highlights the rising global debt levels, which reached a record high of $34 trillion in the U.S. this year.
Schiff, a vocal critic of Bitcoin, previously mocked Bitcoin holders after a halving event, predicting a reduction in their net worth by half. Recently, gold prices hit record highs, exceeding $2,400 per ounce, reinforcing its position as a safe-haven asset amidst growing economic tensions and inflation concerns.
