Gold is once again capturing headlines, with its price surging to an all-time high per ounce, breaking the $2,700 barrier this week. Economist and gold advocate Peter Schiff views this as just the first step. He predicts that we are in the early stages of what could turn into a massive surge in the gold market.

“Not only is gold trading at yet another record-high tonight, but it’s trading at $2,707, above $2,700 for the first time ever,” he wrote on social media platform X on Thursday. On Friday, he shared: “Gold also hit a new record high today, above $2,720.” Schiff, who is the chairman of Schiffgold, a precious metal dealer, opined:

We are still early in what will likely be the mother of all gold bull markets.

In fact, Schiff suggests that even if the price of gold climbs to $4,000, it would still be a good time to invest, urging investors not to wait for higher prices. “Even if you wait for $4,000 to buy, it will still be early,” he stated.

On Saturday, Schiff reiterated his argument that the current gold rally is being driven by inflation, stating:

Gold is rising because major central banks, led by the Fed, are creating so much inflation.

Schiff has consistently made bullish predictions about gold. This month, he suggested that if gold could rise from $20 to $2,600 an ounce, it might eventually reach $26,000 or even $100,000. He also discussed global economic issues, including the weakening U.S. dollar, China’s economic resilience, and the impact of U.S. foreign policy on national debt. Schiff warned of an inflation surge, exacerbated by war, and predicted a significant rise in gold prices as the dollar weakens further. Last month, he noted that gold is set to have its best year since 1979, when it rose 126%, with prices up over $540 this year — the largest dollar gain in history. He also pointed out that investors have yet to notice the bull market or invest in mining stocks.

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