Long-term advocate of 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 increasing.

Further elaborating on the broader macroeconomic context, Peter Schiff asserted that traditional safe-haven assets such as US Treasuries are losing their appeal against a backdrop of fiscal instability and heightened inflation concerns. "With the sell-off in US Treasuries and gold prices rising to near record highs, it is clear that a new safe-haven asset has emerged in the market." He attributed the increase in demand for gold to central banks actively replacing US Treasury holdings with gold. Peter Schiff argues that these reconfigurations reflect a shift in confidence, which is likely to accelerate as markets continue to deal with the impact of weak dollar fundamentals and growing deficits.