Veteran trader Peter Brandt roasts Gold bug Peter Schiff over the latter’s fascination towards the precious metal after mocking its poor price performance for 40 years. Responding to this, Schiff fires back at Brandt for his poor decision-making skills to correctly purchase the yellow metal at the right time.
<h2><strong>Peter Brandt Mocks Peter Schiff Over Gold’s Poor Price Performance</strong></h2>
In a Twitter post, Peter Brandt attempts to pull the leg of Gold <a href="https://www.cryptoknowmics.com/news/spencer-schiff-peter-schiffs-son-dumps-gold-and-goes-all-in-on-bitcoin/">aficionado</a> Peter Schiff thanking him sarcastically that he received a mere profit of only 3% after buying Krugerrand, which was the first gold bullion coin from over 4 decades ago. The trading veteran further went to taunt ahead saying that Krugerrand had underperformed even the yield from Treasury bills.

Schiff, who is notable for his consistency and determination in his advocacy of the yellow metal, strikes back at the legendary chartist saying that the Krugerrand’s poor price performance is a result of the bad purchase timing and not of Gold itself.

According to Schiff, Brandt bought gold’s decade-long bull market at the end of a huge 10-year bull market where the price of gold rose from $35 per ounce to $850 in 1980 amid soaring inflation and heightened geopolitical tensions at the end of 1979.

https://twitter.com/PeterSchiff/status/1464971283867881478
<h2><strong>Could Bitcoin Replace Gold?</strong></h2>
Bitcoin has outpaced gold substantially year to date, with the digital asset being up nearly 133% and the yellow metal down about 4%. This makes investors ponder for opting for bitcoin over gold as a hedge against rising inflation.

Earlier last week, Mexico’s third-richest man, Ricardo Salinas Pliego advised on buying Bitcoin, saying it is the new gold, adding “<em>Bitcoin is the new gold... Transporting Bitcoin is so much easier than having gold bars in your pockets.”</em>

In Nov, Goldman Sachs’ head of energy research, Damian Courvalin stated that “just like we argue that silver is the poor man’s gold, gold is maybe becoming the poor man’s crypto” as he sees funds starting to flow from gold into bitcoin amid fears of rising inflation.

In the same month, leading <a href="https://www.cryptoknowmics.com/news/jpmorgan-claims-that-bitcoin-price-increase-is-driven-by-inflation-worries-not-etfs/">investment bank JPMorgan</a> said that institutional investors appear to be returning to bitcoin as they see it as a better inflation hedge than gold.

Peter Brandt and Peter Schiff Spat Over Gold’s Poor Price Performance: Is Bitcoin the New Shining Gold?

Peter Brandt roasts Gold bug Peter Schiff over the latter’s fascination towards the precious metal after mocking its poor price performance for 40 years.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

Peter Brandt and Peter Schiff Spat Over Gold’s Poor Price Performance: Is Bitcoin the New Shining Gold?

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