The chief economist for Euro Pacific said in a recent interview with Mining.com that even though gold recently hit the historic $3,000 mark and is continuing rising, investors hardly pay attention to gold mining stocks. In reference to the “cheap” prices at which gold equities are currently trading, Schiff remarked, “You’d assume they’re in the spotlight, but they’re in the darkness.”
He went on to say, “Investors are not betting on this rally, they don’t understand it, and they don’t believe in it.”
Schiff, a seasoned stockbroker, thinks that will alter in the future and that “gold stocks will be much higher in price” before then. He continued by saying that buying more gold mining stocks is “the smarter money.”
Schiff claims that the pressure from inflation is one reason why gold mining stocks are currently undervalued. “Gold miners are now benefiting from a significant increase in the price of gold, whereas last year they were facing the negative effects of inflation — an increase in the cost of mining.”
According to his prediction, “the industry is going to reap mind-boggling profits.”
Schiff notes that the limited size of the gold business and the fact that Wall Street has not yet factored in the profits of gold miners are two other factors contributing to the undervaluation of gold equities.
He stated that gold stocks are the best-performing stocks of the year, so “people should just be buying, as fast as they can.”
Schiff has never held back from sharing his optimistic gold perspective on social media. He stated that the yellow might reach the $3,500/oz threshold as early as this month in a post on X on April 2.
source: mining dot com
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