Economist and gold advocate Peter Schiff shared his views in multiple posts on social media platform X this week, highlighting the rise in gold prices and discussing economic factors impacting gold and related stocks.

“Gold is having one of its best years ever, up over 26%, on pace to beat 2007’s 32% rise,” he shared on Friday. Gold surged after the Federal Reserve cut interest rates by 50 basis points on Wednesday, its first reduction in over four years. Commenting on the price of gold, Schiff stressed:

It’s set to have its best year since 1979 when it rose 126%. Yet the GDX is only up 31%. That means investors still haven’t noticed the bull market or added mining stocks to their screens.

GDX is the ticker symbol for the Vaneck Gold Miners exchange-traded fund (ETF) that tracks the performance of companies involved in gold mining and related industries.

Schiff also pointed out that despite gold’s strong performance, many traders quickly sell gold mining stocks at the slightest pullback. “If a $40 rise in gold results in a 2% rise in gold mining stocks, a $5 pullback in gold results in mining stocks losing half their gains,” he opined.

The economist added in a follow-up post on Friday:

Gold is up over $540 so far in 2024, its largest dollar gain in history. The fact that it’s happening in a year with a soaring national debt and the Fed cutting already low interest rates despite inflation being well above its 2% target and heading higher is not a coincidence.

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