In a recent update on his X account, renowned commodities trader Peter Brandt has acknowledged the triumph of Bitcoin skeptics, particularly gold proponent Peter Schiff. Brandt's remarks come amid rising tensions in global markets and a bullish outlook for gold, as The source reports that many investors are turning to traditional safe-haven assets.
Brandt's Bold Prediction for Gold
Brandt has made a striking prediction for gold, forecasting that its price could reach as high as $8,000 per ounce. This optimistic outlook is bolstered by a logarithmic chart he shared, which illustrates the growth of gold futures since 1976 and indicates that the current bull cycle commenced in 2022.
Schiff's Vindication Amidst Crypto Criticism
Despite the ongoing criticism from the crypto community directed at Schiff, Brandt pointed out that Schiff is enjoying a moment of vindication as gold recently achieved a new all-time high, surpassing $4,800 per ounce. This development has reignited discussions about the relative merits of gold versus cryptocurrencies, particularly Bitcoin.
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