Peter Schiff Says Gold’s Brutal Selloff Indicative of Major Upcoming Crunch

Peter Schiff says Friday’s steep drop in gold points to a short-term liquidity problem that could hit broader markets as soon as next week. The economist and longtime gold advocate reacted as precious metals tumbled on Oct. 30, writing: The downward moves were severe, as spot gold fell $141.60, or 3.52%, to about $3,879.90 an ounce in late U.S. trading, while spot silver lost $3.15, or 6.06%, to about $49.02. Silver’s sharper decline widened the gold-silver ratio. Schiff’s liquidity call matched the overarching market data, with Kitco saying the slide came as a technology-led equity selloff “triggered liquidation” across metals, adding that “broader financial-market liquidation was the more immediate influence” on gold.

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