Terra Classic

Gold

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 <p class="paragraph">The consumer price index (CPI) report published on the morning of February 13 brought higher inflation figures than was previously expected – 3.1% vs 2.9%. One of the first assets to react to the news was gold.</p>
 <p class="paragraph">In the minutes following the publication, the commodity entered into a sharp decline, falling as much as 1.42% by the time of publication. The change saw the price of gold drop below $2,000 for the first time since December 13, 2024.</p>
 <figure class="wp-block-image aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/RVMJInJqCX6n1iEas6gp9aLaIFc1MDAI6YfXvlb1w0wwq1Ws3jHWZNX4RAqxEzzErHlwHofFqD-zT4Gg08CoA_9jl4AOpYxbyDP5jcehJnUjyHy4pZXfdul8VU3c0sA7u_c9rOEbvUJosd3cIPqCoSY" alt>
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   Gold 1-day price chart. Source: TradingView
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 <p class="paragraph">Investor, broker, financial commentator, radio personality, and gold bug, Peter Schiff, quickly took to X to comment that while the hotter-than-expected CPI caused gold to drop, it actually constitutes a <a rel="noopener noreferrer nofollow" title="bullish" href="https://thebittimes.com/tag/bullish.html">bullish</a> event for the commodity “as it confirms that the Fed wasn’t able to raise interest rates high enough to stop inflation from running out of control.”</p>
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   <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
    <p lang="en" dir="ltr">Today's hotter than expected #CPI caused #gold to fall below $2K for the first time in 2024. But the news is actually <a rel="noopener noreferrer nofollow" title="bullish" href="https://thebittimes.com/tag/bullish.html">bullish</a> for gold, as it confirms that the #Fed wasn't able to raise interest rates high enough to stop #inflation from running out of control. The game is over.</p>— Peter Schiff (@PeterSchiff) February 13, 2024
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 <p class="paragraph">Ten days earlier, gold also saw itself on a sudden decline as the ‘nonfarm payroll’ – jobs – report came in showing a significantly greater job growth than was expected. Immediately following the release, the precious metal started dropping and erased the gains from its previous 4-day rally.</p>
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 <h2 class="wp-block-heading" id="h-cpi-causes-across-the-board-drop">CPI causes across-the-board drop</h2>
 <p class="paragraph">Gold wasn’t the only asset to drop upon the release of CPI figures for January – in fact, the market’s opening on Tuesday saw a significant across-the-board drop. Silver, another precious metal, likewise started falling and, by press time, dropped 2.72% to $22.04 per ounce.</p>
 <p class="paragraph">Bitcoin (BTC) – commonly regarded as gold’s digital counterpart – itself entered a sharp decline on the morning of February 13 and, after a staggering 1-day rise above $50,000 on Monday, fell 2.63% to $48,622.</p>
 <p class="paragraph">U.S. stocks were also not spared the shock as the two major stock indices – S&amp;P 500 and Nasdaq 100 –&nbsp; started the day in the red. At press time, the former lost its recently attained record level of 5,000 and is down 1.34%, and the latter dropped 1.43%.</p>
 <figure class="wp-block-image aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/Szt4tm4eh-J1FeNiStNHBD4QSqMTgyX6eOsMBmMYlgo6W2Wm8aH4h2-mHX2XM_K0y-q2x1nKNrCzQFxOmci1_EbM4FGnC6B_tGuon1BN6eAADsb5vpWhcEaVKjwngscLJLYhK9w1dD0-VIO5VIYG-O8" alt>
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   Silver, BTC, S&amp;P 500, and Nasdaq 100 1-day price charts. Source: TradingView and Google
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 <p class="paragraph">It is noteworthy, however, that unlike gold, silver, Bitcoin, and the S&amp;P 500, the Nasdaq 100 opened significantly below its latest close but has been on an overall upward trajectory in the first hour of trading.</p>
 <p class="paragraph"><em>Buy stocks now with eToro – trusted and advanced investment platform</em></p>
 <p class="paragraph"><strong><em>Disclaimer</em></strong><em>: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/gold-crashes-below-2-000-but-peter-schiff-thinks-it-s-bullish-tbt79719.html">https://thebittimes.com/gold-crashes-below-2-000-but-peter-schiff-thinks-it-s-bullish-tbt79719.html</a></p>

Gold crashes below $2,000 but Peter Schiff thinks it’s ‘bullish’

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