Economist and gold advocate Peter Schiff continued to express his opinion on gold, gold mining stocks, and the actions of the Federal Reserve on social media platform X this week as the price of gold surged.
“Gold stock investors still don’t get it. Gold doesn’t have to keep going up for gold stocks to go up,” Schiff detailed on X Monday. “If gold just stays at its current price, gold stocks should rise significantly from here.” However, he stressed:
There is no way gold prices will stay this low, so gold mining stocks are a steal.
“Gold is trading at a new record high, above $2,530. As a result, the GDX finally made a new 52-week high, taking out the 52-week high it set over a month ago. The GDXJ still needs to rally another 1.8% to take out its 52-week high. Stock investors still don’t believe the rally,” Schiff opined.
The Vaneck Gold Miners ETF (GDX) is widely regarded as a benchmark for gold mining stocks. This exchange-traded fund (ETF) tracks the performance of companies involved in the gold mining industry, including large and mid-cap stocks. The Vaneck Junior Gold Miners ETF (GDXJ) focuses on smaller, junior gold mining companies.
