Peter Schiff: The current gold price trend is repeating the 2008 scenario, predicts a rebound to $11,400
- Peter Schiff, a renowned Wall Street economist and CEO of Euro Pacific Capital, believes that the current gold sell-off is replaying the scenario of the "2008 global financial crisis." He stated on social media that, during the early stage of the 2008 financial crisis, the gold price plummeted by 32%, which accounted for about 40% of the gains in the previous bull market; after bottoming out, the gold price surged by 178% in the following three years.
- Schiff pointed out that the current gold price has once fallen to around $4,100, a decrease of 27%, also representing about 40% of the increase since $2,000. He believes this decline closely matches the correction magnitude seen during the initial phase of the 2008 financial crisis.
- Based on historical comparison, Schiff boldly predicts that if the gold price rebounds by 178% from the current low, it could reach $11,400. He added that after that correction in 2008, gold embarked on one of the greatest bull markets in history.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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