{"id":23303,"date":"2025-04-22T16:59:38","date_gmt":"2025-04-22T13:59:38","guid":{"rendered":"https:\/\/forklog.com\/en\/peter-schiff-faces-backlash-for-comparing-gold-to-money\/"},"modified":"2025-04-22T16:59:38","modified_gmt":"2025-04-22T13:59:38","slug":"peter-schiff-faces-backlash-for-comparing-gold-to-money","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/peter-schiff-faces-backlash-for-comparing-gold-to-money\/","title":{"rendered":"Peter Schiff Faces Backlash for Comparing Gold to Money"},"content":{"rendered":"<p>Following gold&#8217;s new <span data-descr=\"all-time high\" class=\"old_tooltip\">ATH<\/span> surpassing $3500, Euro Pacific Capital&#8217;s president, Peter Schiff, referred to the precious metal as money.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Gold is not just any commodity, it&#8217;s money. Under normal circumstances gold does not move the way it is now. It&#8217;s already up another $58 tonight, trading above $3,483. This is the end of the U.S. dollar&#8217;s dominance. Life in America is about to change in ways few can imagine.<\/p>\n<p>\u2014 Peter Schiff (@PeterSchiff) <a href=\"https:\/\/twitter.com\/PeterSchiff\/status\/1914520065149485564?ref_src=twsrc%5Etfw\">April 22, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;Gold <\/em>\u2014<em> is not just a commodity. It&#8217;s money. Under normal circumstances, the asset does not show such dynamics. [\u2026] This is the end of the U.S. dollar&#8217;s dominance. Life in America is about to change in ways few can imagine,&#8221;<\/em> he predicted.<\/p>\n<\/blockquote>\n<p>Since the beginning of the year, the precious metal has appreciated<a href=\"https:\/\/www.tradingview.com\/symbols\/XAUUSD\/\"> by 30.7%<\/a> amid a weakening dollar<a href=\"https:\/\/www.tradingview.com\/symbols\/TVC-DXY\/\"> by 9.2%<\/a> against a basket of currencies, while Bitcoin has<a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\"> depreciated by 4.5%<\/a>.<\/p>\n<p>Schiff&#8217;s critics pointed out that gold lacks one of the four functions of money \u2014 a means of payment.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p lang=\"en\" dir=\"ltr\">I shaved a bit off my gold bar at Starbucks this morning. They accepted it as payment. First time in awhile.<\/p>\n<p>\u2014 Mike Alfred (@mikealfred) <a href=\"https:\/\/twitter.com\/mikealfred\/status\/1914533957393363216?ref_src=twsrc%5Etfw\">April 22, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;This morning at Starbucks, I shaved a bit off my gold bar. They accepted it as payment. First time in a while,&#8221;<\/em> quipped entrepreneur and investor Mike Alfred.<\/p>\n<\/blockquote>\n<p>Others highlighted that unlike gold, Bitcoin fulfills this role. One commentator mentioned paying for a haircut with the leading cryptocurrency.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p lang=\"en\" dir=\"ltr\">When was the last time you paid for something with gold ? <\/p>\n<p>I paid for my haircut last week in bitcoin. <\/p>\n<p>Merchant won&#8217;t accept gold because how do they test if it&#8217;s real ?<\/p>\n<p>\u2014 BTCCLUB (@ausbtcclub) <a href=\"https:\/\/twitter.com\/ausbtcclub\/status\/1914575077695430853?ref_src=twsrc%5Etfw\">April 22, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to trader Peter Brandt, gold is overbought, while the stock market is oversold.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Gold is overbought<br \/>U.S. stocks are oversold<\/p>\n<p>In the near term, maybe<br \/>In the longer term \u2014 we&#8217;ve only just begun the flippening. <a href=\"https:\/\/t.co\/tPRsEodPJ3\">pic.twitter.com\/tPRsEodPJ3<\/a><\/p>\n<p>\u2014 Peter Brandt (@PeterLBrandt) <a href=\"https:\/\/twitter.com\/PeterLBrandt\/status\/1914448891174629648?ref_src=twsrc%5Etfw\">April 21, 2025<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;In the near term \u2014 maybe unclear, in the longer term \u2014 the situation is only in its initial stages,&#8221;<\/em> he noted.<\/p>\n<\/blockquote>\n<p>Experts at QCP<a href=\"https:\/\/forklog.com\/en\/news\/qcp-experts-highlight-bitcoins-growing-role-as-a-safe-haven-asset\"> have highlighted<\/a> Bitcoin&#8217;s growing role as a safe-haven asset.<\/p>\n<p>Earlier, BitMEX co-founder Arthur Hayes<a href=\"https:\/\/forklog.com\/en\/news\/arthur-hayes-hints-at-bitcoin-rising-above-100000\"> predicted<\/a> that the price of the leading cryptocurrency would exceed $100,000 due to the U.S. Treasury&#8217;s buyback of government bonds.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Following gold&#8217;s new ATH surpassing $3500, Euro Pacific Capital&#8217;s president, Peter Schiff, referred to the precious metal as money. Gold is not just any commodity, it&#8217;s money. Under normal circumstances gold does not move the way it is now. It&#8217;s already up another $58 tonight, trading above $3,483. This is the end of the U.S. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":23302,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,536,1420,1298],"class_list":["post-23303","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-gold","tag-peter-brandt","tag-peter-schiff"],"aioseo_notices":[],"amp_enabled":true,"views":"25","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/23303","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=23303"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/23303\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/23302"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=23303"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=23303"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=23303"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}