Gold Surges Past $4,600 As Peter Schiff Tells Bitcoin Holders To Sell

Gold surged above $4,600 per ounce as concerns over U.S. debt, the dollar and inflation drove another wave of buying across hard assets, strengthening Peter Schiff’s argument that investors should favor bullion over Bitcoin.

Comex gold ended Friday at $4,624.10, up 5.6% for the week and more than 14% over three weeks. Silver climbed to $69.466, while Bitcoin traded near $78,000 after its own explosive weekly rally.

Schiff called Bitcoin’s move above $72,000 a “fakeout, not a breakout” and urged holders to sell BTC and buy gold. He tied both rallies to the same shift in U.S. financial conditions but argued that easier money ultimately strengthens the case for precious metals.

Treasury Buybacks Lift Gold And Bitcoin Together

The cross-asset move accelerated after the U.S. Treasury doubled the maximum size of long-term liquidity-support buybacks from $2 billion to at least $4 billion per operation for 10-to-30-year securities beginning September 9.

The announcement initially pushed long-term yields lower and weakened the dollar, sending capital into assets commonly used against currency debasement and fiscal stress.

Bitcoin responded first with a violent leveraged breakout. BTC surged past $74,000 as more than $3 billion in crypto shorts were liquidated, before extending the move above $77,000.

Gold followed with its strongest weekly advance in several weeks. The move also revived levels CryptoAdventure tracked earlier this year, when bullion was fighting to reclaim the $4,600 area before another run toward $5,000.

Central Banks Keep Building Gold Reserves

The rally sits on top of a longer shift in global reserve management. Gold has overtaken U.S. government bonds as the leading reserve asset held by central banks, returning to that position for the first time since 1996.

Central banks accumulated an average of roughly 1,000 tonnes annually over the past four years, double the pace of the preceding decade. A record 45% of reserve managers expect their own gold holdings to increase over the next 12 months, while 89% expect global central-bank reserves to rise.

Private crypto companies are joining the same trade. Tether has built physical gold holdings approaching 150 tonnes after purchasing 27.1 tonnes during the first half of 2026.

Gold, Silver And Oil Flash Inflation Pressure

The hard-asset rally has spread beyond bullion. Silver finished the week just below $70, while Brent crude climbed above $94 per barrel as renewed Iran tensions kept pressure on global energy markets.

Schiff has repeatedly positioned gold as the stronger monetary hedge during periods of fiscal and geopolitical stress. He made the same case during the spring selloff, when he urged investors to buy weakness in gold and silver as oil, yields and war risk moved higher.

Comex gold finished Friday at $4,624.10, silver settled at $69.466, and Bitcoin entered the weekend trading near $78,000.

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