Peter Schiff, chief economist at Euro Pacific Asset Management, posted on X today, November 6, 2026, offering his analysis of recent market performance and future economic prospects. He highlighted a divergence between major stock indexes and precious metals. Schiff observed that while "all of the major stock market indexes lower this week," precious metals mining stocks had a strong showing. Specifically, he noted that "the standout winners were precious metals mining stocks. The $GDX surged 9.6%. This is a sign of things to come. A sharp turn to the left, and the higher inflation that will result, will be extremely bullish for gold."
Schiff's comments arrive during ongoing discussions about inflation and economic policy. Gokhshtein Media recently reported on the bond market weighing the inflation path, as well as warnings from Mohamed El-Erian about inflation peaking after a Bank of England rate hike. Peter Schiff himself previously warned of potential hyperinflation and a $50 trillion debt under a different administration. While stock indexes like the Dow Jones saw a 0.5% drop today, gold-related assets, according to Schiff, are signaling a different trend.
From Schiff's perspective, the strong performance of precious metals mining stocks suggests a broader shift in market sentiment. He views this as an indicator that a move towards more left-leaning political policies could foster an environment of heightened inflation. This expected inflationary pressure, in Schiff's analysis, would significantly increase the appeal of gold as a hedge, positioning it for a substantial bull market.
