U.S. economist says ‘stock market crash will be bullish’ for Gold

Reacting to Gold’s $116 drop on October 22, the popular American economist Peter Schiff estimated that the downturn is likely driven by stock market turmoil but will, eventually, prove bullish for the precious metal. Specifically, the expert interpreted the sell-off that also affected equities and cryptocurrencies on Thursday as ‘bracing for a tech wreck and an unwind of the leveraged AI trade.’ He, however, drew a sharp distinction between the drop in commodities and other assets, opining that investors might be correct about an imminent artificial intelligence ( AI ) crash, but will be proven wrong regarding gold. Specifically, he claimed that the ‘stock market crash will be bullish’: Gold fell $116 today, closing just above $4,000 support.

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