Peter Schiff Faces Backlash for Comparing Gold to Money

Following gold’s new ATH surpassing $3500, Euro Pacific Capital’s president, Peter Schiff, referred to the precious metal as money.

Gold is not just any commodity, it’s money. Under normal circumstances gold does not move the way it is now. It’s already up another $58 tonight, trading above $3,483. This is the end of the U.S. dollar’s dominance. Life in America is about to change in ways few can imagine.

— Peter Schiff (@PeterSchiff) April 22, 2025

“Gold — is not just a commodity. It’s money. Under normal circumstances, the asset does not show such dynamics. […] This is the end of the U.S. dollar’s dominance. Life in America is about to change in ways few can imagine,” he predicted.

Since the beginning of the year, the precious metal has appreciated by 30.7% amid a weakening dollar by 9.2% against a basket of currencies, while Bitcoin has depreciated by 4.5%.

Schiff’s critics pointed out that gold lacks one of the four functions of money — a means of payment.

I shaved a bit off my gold bar at Starbucks this morning. They accepted it as payment. First time in awhile.

— Mike Alfred (@mikealfred) April 22, 2025

“This morning at Starbucks, I shaved a bit off my gold bar. They accepted it as payment. First time in a while,” quipped entrepreneur and investor Mike Alfred.

Others highlighted that unlike gold, Bitcoin fulfills this role. One commentator mentioned paying for a haircut with the leading cryptocurrency.

When was the last time you paid for something with gold ?

I paid for my haircut last week in bitcoin.

Merchant won’t accept gold because how do they test if it’s real ?

— BTCCLUB (@ausbtcclub) April 22, 2025

According to trader Peter Brandt, gold is overbought, while the stock market is oversold.

Gold is overbought
U.S. stocks are oversold

In the near term, maybe
In the longer term — we’ve only just begun the flippening. pic.twitter.com/tPRsEodPJ3

— Peter Brandt (@PeterLBrandt) April 21, 2025

“In the near term — maybe unclear, in the longer term — the situation is only in its initial stages,” he noted.

Experts at QCP have highlighted Bitcoin’s growing role as a safe-haven asset.

Earlier, BitMEX co-founder Arthur Hayes predicted that the price of the leading cryptocurrency would exceed $100,000 due to the U.S. Treasury’s buyback of government bonds.