24K99 News: Wall Street titan and SchiffGold Chairman Peter Schiff stated that gold is "on track for its best year since 1979,when it rose by 126%."

He emphasized that gold has already risen by over $540 this year,marking its "largest dollar increase in history."

He explained,"Investors are still not noticing the bull market,nor are they adding mining stocks to their screens."

Europe Pacific Asset Management founder and Chief Market Strategist Peter Schiff recently shared his views in several posts on social media platform X,highlighting the rise in gold prices and discussing the economic factors affecting gold and related stocks.

The well-known gold bull wrote on Friday (September 20th): "Gold is experiencing one of its best years ever,rising by more than 26%,with the potential to surpass the 32% increase in 2007."

Following the Federal Reserve's interest rate cut of 50 basis points last Wednesday,the first cut in over four years,gold prices have skyrocketed.

Commenting on the gold price,Schiff emphasized: "Gold is on track for its best year since 1979,when it rose by 126%.

However,GDX has only risen by 31%.

This means that investors are still not noticing the bull market or adding mining stocks to their screens."

GDX is the ticker symbol for the VanEck Gold Miners exchange-traded fund (ETF).

This ETF tracks the performance of companies engaged in gold mining and related industries.

Schiff also noted that despite gold's strong performance,many traders quickly sell off gold mining stocks at the slightest pullback.

He said: "If a $40 rise in gold prices leads to a 2% increase in gold mining stocks,a $5 pullback in gold prices can cause mining stocks to lose half of their gains."

The economist added in a subsequent post on Friday: "So far,gold prices have risen by over $540 in 2024,marking the largest dollar increase in history.

This fact is not coincidental in a year when national debt is soaring,and despite inflation rates well above the 2% target and still rising,the Federal Reserve is lowering already low interest rates."

The Federal Reserve cut interest rates by 50 basis points last Wednesday,initiating a monetary easing cycle,which enhances the investment appeal of non-interest-bearing gold.

As investors also seek to hedge against the uncertainty caused by long-term conflicts in the Middle East and other regions.

Spot gold closed up $34.42 on Friday,a 1.33% increase,at $2,620.91 per ounce.

In Asian trading on Monday,gold prices rose further,breaking through $2,630 per ounce,setting a record high.

Schiff wrote on social media platform X last Wednesday: "As expected,the Federal Reserve succumbed to the market and cut interest rates by 50 basis points."

He explained: "This round of rate cuts will not only fail to prevent the cooling economy from entering a recession but will also exacerbate inflation,making the recession more severe."

Before the Federal Reserve decided to cut rates,Schiff had warned that the Fed was about to make a policy mistake that would "destroy the dollar and reignite inflation."

He warned that the rate cut would be accompanied by the return of quantitative easing (QE),another repeat mistake,which would produce more debt and drive consumer prices to soar.

He believes that as the dollar depreciates,U.S.debt will become easier to repay,but the increase in the dollar supply will shift the trade deficit towards purchasing assets rather than government bonds.

Schiff has been warning about the state of the U.S.economy.

Schiff emphasized that preparing for the coming inflation requires accumulating gold,and he believes that gold is preferable to the "fake asset" Bitcoin before the inevitable surge in commodity prices.