Peter Schiff calls $4,145 gold a buying opportunity as US inflation hits 3.7%

Gold advocate Peter Schiff has described the metal’s retreat toward $4,145 as a rare buying opportunity, stating that investors have misjudged the latest upturn in US inflation and the Federal Reserve’s prospects for controlling it. On October 17, Schiff commented on X that the week’s unexpectedly strong consumer, producer, and import price data led many to sell gold in anticipation of more aggressive Federal Reserve action. As inflation readings came in above expectations, investors assumed the Fed would further tighten monetary policy, putting pressure on non-yielding assets like gold. Gold prices slipped more than 1% on October 14, tracking the release of strong inflation figures and the resulting expectation of additional rate hikes. The price briefly rebounded during Thursday’s session but lost ground again soon after.

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