Gold News reported that economist and gold advocate Peter Schiff has repeatedly emphasized the rise in gold prices on X this week, discussing the economic factors affecting gold and related stocks.

He stated on Friday: "Gold is having one of its best years ever, up over 26% and poised to surpass the 32% gain in 2007." Gold prices surged following the Federal Reserve's 50 basis point rate cut on Wednesday, the first in over four years. He also stated that gold "is on track for its best year since 1979, when it rose 126%."

Schiff also pointed out that despite the strong performance of gold, many traders are quick to sell gold mining stocks on any slight pullback, "If gold rises $40 and gold mining stocks rise 2%, then gold falling $5 causes the mining stocks to lose half their gains."

He added, "Gold is up over $540 in 2024 so far, the largest dollar gain ever. It's not a coincidence that this is happening in a year of surging national debt and the Fed cutting already low rates – even though inflation is well above the 2% target and trending higher."