Peter Schiff criticises $2,580 gold rally media coverage

Peter Schiff, Chief Economist and Global Strategist at Europac, has criticised mainstream economic media outlets for their lack of coverage on gold’s recent surge to record highs. 

Schiff pointed out that while gold prices climbed to over $2,580 per ounce, many major news platforms, such as CNBC, failed to highlight this significant rally. 

He believes this oversight could be a “bullish” sign for the future of gold.

Schiff specifically targeted CNBC’s "Fast Money" program for neglecting to mention gold’s price jump. 

"Despite gold’s surge to a record high, and mining stocks being by far the day’s top-performing sector, there was no mention of gold or the miners," he stated. 

He suggested that if such crucial market moves are overlooked, perhaps the program should consider a name change.

Schiff compared the media's reaction to gold with how they would treat Bitcoin. 

He argued that if Bitcoin had reached an all-time high, it would have received non-stop coverage from mainstream channels. 

His comments came as gold spot prices hit a new peak of $2,580 on September 14, rising over $20 in just a few hours. 

“Gold just broke above $2,580, up over $20 so far this morning, hitting another record high. Let’s see if CNBC even notices,” Schiff remarked.

The lack of media attention on gold’s performance is viewed positively by some analysts. 

Adam Hamilton, founder of Zeal Intelligence, believes that as interest in stock markets and artificial intelligence (AI) investments wanes, more American investors may shift toward gold. 

He predicts that this shift could push gold prices to $2,950 per ounce or higher.