Peter Schiff, a renowned economist and financial commentator, has expressed his expectations that gold will Outshine Bitcoin (BTC). Meanwhile, market participants are increasingly betting on three rate cuts by the U.S. Federal Reserve in 2024. This sentiment comes in the wake of the cooling U.S. Consumer Price Index (CPI) data reported on Thursday, July 11.,Amid these developments, Peter Schiff has taken to social media to express his views on the market dynamics. In a series of posts on X (formerly Twitter), Schiff highlighted the performance of gold in response to the CPI data. He noted that gold prices surged by over $30, trading above $2,400, following the lower-than-expected inflation figures.,In addition, Schiff emphasized that the Federal Reserve is seeking a “cover.” to cut interest rates. He believes that this move will lead to higher inflation in the future. Hence, Schiff remarked, “Gold is up over $30 this morning, following a lower-than-expected June CPI, trading back above $2,400. Don’t be fooled. The Fed is just looking for cover to cut interest rates. Inflation is headed much higher, especially once the Fed starts cutting. Got gold?”,Schiff’s bullish stance on gold extends to his skepticism about Bitcoin. In response to a user’s comment on the recent rise in Bitcoin price, Schiff dismissed the sustainability of the cryptocurrency’s gains. “Bitcoin is up over $1500, got Bitcoin?” the user asked. Schiff replied, “No. It may be up now, but it won’t stay up.”,Schiff also highlighted the breakout performance of gold stocks. He noted that both the VanEck Vectors Gold Miners ETF (GDX) and the VanEck Vectors Junior Gold Miners ETF (GDXJ) reached new 52-week highs. Furthermore, the Bitcoin critic pointed out that gold prices remain over 1% below their record high. This suggests that the gold bull market has significant room to grow.,He wrote, “Gold stocks have broken out, with both the $GDX and $GDXJ finally trading at new 52-week highs. More significantly, gold is still over 1% below its record high. Stock investors are finally realizing that the gold bull market is real and has legs to run. Buy gold now!”,Also Read: Fed Rate Cuts: Gov Lisa Cook Eyes Soft Landing, Bitcoin To Rally After CPI Today?,The U.S. CPI data reveals a deceleration in inflation to 3% year-over-year in June, down from 3.3% in May. In addition, on a month-over-month basis, the CPI registered a slight 0.1% increase. Hence, the latest CPI figures have sparked optimism in financial markets, with speculations of a positive shift gaining traction, particularly within the crypto sector.,This environment has also fueled bets on a potential rate cut by the Federal Reserve as early as September. The CPI is a critical metric closely monitored by the central bank to guide its rate decisions. Thus, the recent cooling of inflation has significantly influenced market expectations. Adding to the speculation, the CME FedWatch Tool now indicates an 81% probability of a 25 basis point rate cut in September, up from 70% prior to the CPI data release.,Furthermore, 25% of market participants now foresee a third Fed rate cut in 2024, a marked increase from the previous anticipation of only two cuts. This surge in expectations is supported by Kalshi, which reports an 85% probability of a rate cut by September 2024 following the latest inflation data.,Also Read:, Breaking: US CPI Inflation Eases To 3% Raising Bets For Three Fed Rate Cuts,
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