#Gold Price Falls and Peter Schiff Blames ‘Clueless’ Investors

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The gold price is not behaving like a safe-haven asset and it is bringing out the worst in some people, including Bitcoin-hater Peter Schiff. The Euro Pacific Capital CEO took to Twitter for a childlike rant about the current market meltdown that is unfolding across asset classes.


At last check, the gold price is down more than 4% and is barely hanging onto $1,500 in the hours after the Federal Reserve slashed interest rates the second time in just about as may weeks. Of course, gold’s rival store-of-value asset Bitcoin hasn’t performed any better and has yet to find a bottom after seeing its value about slashed in half over the last week, with the dip below $5,000 having occurred overnight.



In a move that can be compared to biting the hand that feeds you, Schiff blamed what he described as “clueless” investors for the gold price decline, saying that they don’t know what is coming and comparing them to monetary policymakers. But all hope is not lost, as he envisions a scenario in which investors will come to their senses, in which case the precious metal will resume safe-haven 
status and “skyrocket






Bitcoin Basher

Of course, Schiff couldn’t resist using his soap box as an opportunity to take yet another swipe at Bitcoin. And while it’s difficult to defend the cryptocurrency during this latest market rout, cryptocurrency investors are a resilient bunch, not to mention the fact that this market downturn is not their first rodeo.



Where’s the gold?


BlockTower Capital CIO Ari Paul was quick to challenge Schiff, reminding him about the 2008 market meltdown in which the price of gold plummeted from $1,000 an ounce to $775 – incidentally in response to the infamous Lehman Brothers bankruptcy on Wall Street. [Gold Republic] As fate would have it, some are comparing today’s gloomy sentiment to the time of Lehman’s collapse.