Peter Schiff: The current sell-off of gold is a replay of the 2008 financial crisis script, and it will bounce back to $11400.

Wall Street's famous economist and CEO/Chief Global Strategist of Europe Pacific Capital, Peter Schiff, believes that the current sell-off in gold is replaying the script of the "2008 global financial crisis", and boldly predicts that gold will rebound to $11,400. Specifically, Schiff's optimism about the gold price is based on a historical comparison of the global financial crisis. He posted on his social media platform X: "At the beginning of the 2008 global financial crisis, the price of gold plummeted by 32%, about 40% of the previous bull market increase. After hitting bottom, the price of gold soared by 178% in the following three years." He added: "Today, the price of gold briefly fell to around $4,100, a 27% decline, also about 40% of the increase since $2,000. If it rebounds by 178% from the low point, the gold price will reach $11,400." Interestingly, these numbers almost perfectly align - the percentage decline of gold from its peak in January matches the initial drop in gold prices in 2008, after which gold began one of its greatest bull markets in history.