The World Is "Going Back On A Gold Standard"
Submitted by QTR's Fringe Finance
I sat down with my friend Peter Schiff this weekend to get his targets on gold miners, gold, the dollar and markets heading into the end of 2025 and beginning of 2026.
Schiff, never shy about his views, has spent decades warning of bubbles, currency debasement, and the inevitability of gold’s resurgence. This year the market is proving him to be exceptionally on point, with the gold miners ETF up more than 80% year to date. But, according to Schiff, the move is still just getting started.
“Look, I don’t think I’ve ever been more bullish than I am now,” he told me.
“Not just the fundamentals, which have never been better in my lifetime, really, for gold. But the technicals. Look at the close we just got on a monthly chart, on a weekly chart, on the daily chart for gold, for silver. Look at how the miners are now finally leading the rally. Gold stocks are going up now even when gold goes down.”
That refrain — miners leading the metal — kept coming up. Schiff has been hammering the point for months, insisting that if investors want exposure to the unfolding bull market, they should load up on the companies digging the metal out of the ground. “I argue that gold in the ground was as cheap as it’s ever been compared to gold above ground,” he said. “And as of a couple of days ago from when I put that report out, the gold mining stocks were up more than 20%, and gold was down about 1% or 2%. But now, on Friday, gold hit a new record high, and the gold stocks are now at new highs.”
On the year, Schiff reminded me, the numbers have been breathtaking. “The GDX is up 86%. GDXJ is up 87. Newmont Mining has almost doubled on the year. It’s up pretty much close to exactly 100%,” he said. “And I think it’s the number two stock in the S&P 500 year to date. But I think it’s going to be number one by the end of the year. I think Newmont is going to pass Palantir and it’s going to end the year as the number one stock in the S&P 500.”
Schiff has long derided Wall Street’s myopia, and this was no exception. “They downgraded Newmont and Barrick at $32 a share, calling them sells because gold was at $2,000. I was telling my customers that $2,000 was the floor,” he recalled. “Just like I said that $30 was the floor for silver. Here we are at $40, and $40 is still cheap as far as I’m concerned, especially with gold at almost $3,500. Forty-dollar silver is cheap.”
The conviction didn’t stop there. He argued that the miners have far more upside left. “I still think we have quite a ways to go in these miners markets — maybe at least another 50%, maybe 100%,” Schiff said. “If you put a market multiple on Newmont, it should double from here. Except by the time the gold stocks double from here, gold won’t be $3,500. It’ll be a lot higher than that.”
How much higher? Schiff didn’t flinch...(WATCH THE FULL, EXCLUSIVE HOUR LONG INTERVIEW WITH SCHIFF HERE).