Peter Schiff: The rise of gold mining stocks indicates a strengthening bull run as the Central Bank shifts from selling U.S. Treasuries to gold.

[Chain News] On June 15, news emerged that long-time advocate for gold, economist Peter Schiff, recently emphasized on the X platform that gold mining stocks are currently leading the gold market, indicating that this round of the gold bull run has entered a stronger phase, and the recent breakthrough in the silver market is similarly noteworthy. The Vaneck gold mining ETF (GDX) has reached its highest level since September 2012, surpassing spot gold. He believes this development confirms that interest in the industry is growing.

Peter Schiff elaborated further on the broader macroeconomic context, asserting that traditional safe-haven assets like U.S. Treasury bonds are losing their appeal amid fiscal instability and rising inflation concerns. “With the sell-off of U.S. Treasury bonds, gold prices have risen to near historical highs, clearly indicating the emergence of a new safe-haven asset in the market.” He attributed the increase in gold demand to central banks around the world actively replacing their holdings of U.S. Treasury bonds with gold. Peter Schiff believes that these reallocations reflect a shift in confidence, and as the market continues to grapple with the effects of a weakening dollar and increasing deficits, this shift may accelerate.