Gold and silver have reached new historical highs again, Peter Schiff: Bitcoin pales in comparison.

Spot gold once surged to $3508.73 per ounce, setting a new historical high once again. Since the beginning of the year, gold prices have risen by 33%, and silver has increased by 40%, making it one of the best-performing major commodities. Gold bull Peter Schiff suggests that everyone should immediately go long on gold and silver, while also poking fun at Bitcoin (BTC), stating that the breakthrough of gold and silver is very unfavourable information for Bitcoin.

Expectations of interest rate cuts drive gold and silver prices up.

After Federal Reserve Chairman Powell cautiously opened the door for interest rate cuts, the market expects the Fed to cut rates this month, driving the recent rise in gold prices. Interest rate cuts enhance the appeal of precious metals, as they do not pay interest.

In the past three years, both gold and silver have more than doubled, as rising risks in geopolitical, economic, and global trade areas have driven up demand for these historically established safe-haven assets. This year, President Trump’s escalating attacks on the Federal Reserve have become the latest concern for investors, and worries about the independence of the Federal Reserve may undermine confidence in the United States.

The rise of silver continues to outperform gold. So far this year, the price of silver has increased by more than 40%, with prices on Monday surpassing $40 per ounce for the first time since 2011. Silver is also valued for its industrial uses in clean energy technologies such as solar panels. According to the industry organization (Silver Institute), under this backdrop, the market will face a supply shortage for the fifth consecutive year.

Peter Schiff: The breakout of gold and silver is very unfavourable information for Bitcoin.

Gold bull Peter Schiff advises everyone to immediately go long on gold and silver. He believes that significant gap up movements in gold and silver ETFs, as well as mining stocks, may be seen when the US market opens.

Schiff also does not forget to joke about Bitcoin, saying that the price of Bitcoin has fallen below $108,000 and looks like it will continue to drop further. The breakout of gold and silver is very unfavourable for Bitcoin.

However, by the time of publication, Bitcoin has risen above 110K, but Bitcoin has only increased by 16% so far this year, which is indeed considerably inferior compared to gold and silver.

This is starting to get interesting. Gold is now up almost $30, about to hit $3,480. Silver is up over 70 cents, about to hit $40.50. Meanwhile, Bitcoin is back below $108,000 and looks poised to go much lower. Gold and silver breaking out is very bearish for Bitcoin.

— Peter Schiff (@PeterSchiff) September 1, 2025

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