- Peter Schiff claims Bitcoin is in a long-term bear market against gold
- Gold quickly rebounded above $5,000 after a brief recent retreat
- Gold's strength indicates growing confidence in hard assets, Schiff says
Economist Peter Schiff on Wednesday took a shot at crypto bulls, claiming that Bitcoin is in a long-term bear market when measured against gold. In an X post, Schiff pointed to gold's quick rebound after a brief retreat seen recently.
“That didn't take long. Gold is already back above $5,000. Soon those who shorted it last week will be in a lot of trouble. Meanwhile, with Bitcoin below $76K, it's now worth 15 ounces of gold, down 59% from its Nov. 2021 high,” he said, adding that Bitcoin is in a long-term bear market priced in gold.
Also Read | Gold, Silver Bounce Back: Key Factors Behind The Rally And What Experts Predict
The chief economist at Europac argued that gold's strength showed growing confidence in hard assets. His comments came after the precious metal recovered on Tuesday following a sharp retreat over the past two sessions.
The dip in gold value followed after it was announced by United States President Donald Trump that Kevin Warsh would succeed Jerome Powell as the next US Federal Reserve chair. This prompted speculation that he would support rate cuts while tightening the Fed's balance sheet, something that Trump has been focussed on since his return to the White House in 2025.
https://www.reuters.com/world/india/gold-rebounds-more-than-3-after-sharp-selloff-2026-02-03/
Prices were also pressured after the CME Group increased margin requirements on precious metal futures. Despite the recent volatility, analysts remain optimistic about the precious metal.
Outlook On Gold
“I view the recent losses as corrective within the long‑term uptrend," Peter Grant, vice president and senior metals strategist at Zaner Metals, told Reuters. He added many of the fundamentals that have driven gold higher over recent years remain firmly in place.
Tuesday's rally marked the biggest daily for the metals rise since November 2008. According to Reuters, spot gold rose 5.2% to $4,906.82 per ounce. It recovered from Monday's low of $4,403.24 but remained below last week's record high of $5,594.82.
"At this point, we are likely to see a period of consolidation, with $4,400 an important support level on the downside and resistance probably around $5,100 on the upside," Grant told the agency.
In India, gold was priced at Rs 15,394 per gram for 24-karat on Wednesday, according to Goodreturns website.
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