Core Viewpoint - Economist Peter Schiff warns of a "historic bear market" in U.S. equity markets, coinciding with a record rally in gold prices, which reached $5,590 per ounce, marking the largest one-day increase against the U.S. Dollar in history [2][3]. Group 1: Gold Market Insights - Gold spot prices surged to a record high of $5,590 per ounce, with a notable increase of $235 in a single day, representing the biggest one-day dollar rise ever [2][3]. - Central banks globally are stockpiling gold at a rate of approximately 60 tons per month, making gold the second-largest reserve asset after the U.S. Dollar, surpassing the Euro [7]. Group 2: Equity Market Analysis - The Dow Jones Industrial Average is currently valued at just 9 ounces of gold, the lowest level since 2013, and nearly 80% below its record high when priced in gold in 1999 [3][5]. - The ratio of the Dow to gold has decreased to 8.8, indicating a significant decline in the purchasing power of equities relative to gold, compared to 17.9 ounces in 1999 [4][5]. Group 3: Economic Context - Schiff emphasizes the importance of not being misled by nominal price levels and warns against inflation, suggesting that the current market conditions reflect deeper economic issues [3].

Economist Peter Schiff issued a stark warning regarding the state of the current U.S. equity markets, following a record rally in gold spot prices.‘Historic Bear Market’ Amid Gold’s Record RallyOn Wednesday, in a post on X, Schiff highlighted gold’s record rally, calling it the “biggest one-day” rise against the U.S. Dollar in history, as the spot prices of the yellow metal soared to new record highs of $5,590 per ounce. In addition to gold’s surging value against the U.S. Dollar, Schiff also pointed to the ...