Peter Schiff, the chief economist and global strategist at Euro Pacific Capital, is betting that gold and silver will end the year on a positive note.
What Happened: Schiff outlined the comparison between returns on the commodities andBitcoin.
In 2022, gold is down 2% and silver is down 1%. Many Bitcoins pumpers point out that gold has lost its relevance in a year of high inflation. In the year 2022,Bitcoin is down 63% and GBTC is down 74%. I bet that gold and silver will be positive at the end of the year.
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Grayscale Bitcoin Trust GBTC is trading at a 42% discount to itsBTCUSD. The iShares Silver Trust SLV is up 0.52% in the same period, while the Gold Trust Micro IAUM has lost just 0.33% in the same period.
In another tweet, Schiff pointed out that the labor market was still weak and workers were taking on multiple low-paying jobs to survive.
The U.S. labor market is not strong. The number of employed Americans fell if Nov. and all the net gains for people already employed fell. The labor market is so weak that workers are forced to take multiple low-paying jobs just to survive.
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