Gold Surges Past $4,600 Amidst Dollar Weakness
Gold prices surged past $4,600 per ounce last week as investors sought refuge in hard assets amidst concerns over U.S. debt, the dollar, and inflation.
The price of gold on the Comex market ended Friday at $4,624.10, marking a 5.6% gain for the week and a 14% increase over three weeks.
Silver prices also climbed to $69.466, while Bitcoin traded near $78,000 after its own explosive weekly rally.
Peter Schiff, a well-known gold advocate, called Bitcoin's move above $72,000 a 'fakeout, not a breakout,' and urged holders to sell BTC and buy gold.
Schiff argued that easier money strengthens the case for precious metals, citing the recent U.S. Treasury announcement that doubled the maximum size of long-term liquidity-support buybacks from $2 billion to at least $4 billion per operation.