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Peter Brandt and Peter Schiff Lock Horns Over Gold's Performance

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Sun, 11/28/2021 - 18:57
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Alex Dovbnya
It’s Peter vs. Peter
Peter Brandt and Peter Schiff Lock Horns Over Gold's Performance
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Commodity trading veteran has Peter Brandt has had a Twitter spat with gold bug Peter Schiff after mocking the performance of the lustrous year.

He attached the picture of a Krugerrand, which was the first gold bullion coin to be produced in 1967. Brandt, who purchased the coin in 1980, noted that it had appreciated only by a minuscule 3% over more than four decades.

The legendary chartist further mentioned that his Krugerrand had underperformed even the yield from Treasury bills.

Brandt then sarcastically thanked Schiff for the “trade tip.” In his reply, the latter blamed Krugerrand’s disappointing performance on the bad timing of the purchase.

As Schiff noted, Brandt’s ill-timed trade coincided with the end of gold’s decade-long bull market. The price of the yellow metal famously reached an apex of $850 per ounce in 1980 amid soaring inflation and heightened geopolitical tensions at the end of 1979.

MicroStrategy CEO Michael Saylor also joined the fray, claiming it would be challenging to identify “any fortune” made with gold.

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It’s all about diversification

Brandt states that he has no problem with a 5% portfolio allocation to either gold or Bitcoin. However, he takes issue with “dogmatic thinking."

Previously, the trader criticized Bitcoiners for adding “laser eyes” to their profiles, claiming that it was responsible for a Bitcoin correction in late April.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.