Economist Peter Schiff attributes gold's $116 drop on October 22 to stock market turmoil and fears of a tech sector crash, especially related to leveraged AI trades. Despite the sell-off, Schiff believes gold will ultimately benefit from a stock market crash, identifying $4,000 as a key support level. He warns that the U.S. economy is weak, with AI capital expenditures currently propping up GDP, and predicts a recession could start before the midterm elections. Schiff also cautions cryptocurrency investors to be wary, suggesting recent calm may precede a storm.
As of Oct 23, 2026 19:21 WIB, gold on Pluang trades at USD 368.72 with a slight 1-day decline of 0.08%. The SPDR Gold Trust (GLD) holds a market cap of $140.31 billion and sees a balanced order activity with 55% selling and 45% buying. This steady trading environment contrasts with the recent volatility highlighted by economist Peter Schiff, who points to stock market turmoil as a factor influencing gold prices.
