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Bitcoin Hater Peter Schiff Slams CNBC for Ignoring Gold Rally

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Mon, 27/11/2023 - 16:15
Bitcoin Hater Peter Schiff Slams CNBC for Ignoring Gold Rally
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Peter Schiff, a well-known critic of Bitcoin, expressed his frustration with CNBC for not covering the recent rally on gold prices despite discussing other markets, including Bitcoin.

Schiff pointed out that CNBC had updated viewers on stocks, bonds, oil and Bitcoin, but there was a notable omission of gold, which was trading above $2,000 at the time.

Gold's rally overlooked?

The price of gold recently surpassed a significant milestone, crossing the $2,000 per ounce mark, driven by factors such as a weakened U.S. dollar and expectations that the Federal Reserve's interest rate hikes may be nearing their end. 

This achievement, according to market strategists, reflects a bullish outlook for gold, further fueled by a softer dollar and the pause in rate hikes. 

Despite these developments, Schiff argues that major financial news networks like CNBC have been giving more attention to Bitcoin.

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Gold has experienced a steady increase in value with a 10% gain year-to-date, but it was eclipsed by the more dramatic performance of Bitcoin, which has surged by 123%.

Is Schiff banned from CNBC?

Schiff, who used to be a regular on CNBC, particularly on the Fast Money show, has noted a change in his relationship with the network. 

In 2010, he was invited to become a regular guest, appearing twice a week to share his views.

However, his appearances ceased in 2017. Schiff claimed in 2021 that he was banned from CNBC. 

Moreover, CNBC hosts and guests are apparently prohibited from even mentioning the most prominent gold bug on air. It is not clear whether Schiff's allegations are true.

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