On Thursday, as bitcoin blasted past its previous all-time highs this year, the longtime gold advocate chimed in with a pointed remark. “Silver is back above $37 today, up almost 2% on the day. Bitcoin’s new nominal high is just a distraction,” Schiff posted on X.
He added:
“Silver mining stocks are barely up today. Once silver breaks above $40, the move to $50 will likely be quick. Silver mining stocks are not even close to pricing this in.”
Schiff has never hidden his disdain for bitcoin, famously claiming he’ll only admit defeat if the entire world starts pricing everything in BTC. Even as bitcoin soared to a record $118,839 per coin, Schiff has remained unmoved—and his dislike for the top crypto asset hasn’t softened one bit.
On Friday, he picked up right where he left off, doubling down on silver’s rally and once again labeling bitcoin as nothing more than an interruption.
Silver’s price per ounce on July 11, 2025.
Before silver flirted with the $38 mark per troy ounce, Schiff took to X and declared, “Once again, silver is up nearly 2% on the day, approaching $38 per ounce. This is the highest price since March 2012. Yet silver mining stocks are barely up. Gold is also having a strong day, up $30, but gold mining stocks are barely up.”
The die-hard precious metals fan followed up with:
“Investors are being distracted by bitcoin.”
Schiff’s ongoing commentary reveals a firm belief that silver is on the brink of a major breakout, interpreting the sluggish response from mining stocks as a telling clue. His relentless rejection of bitcoin—even as it hits new highs—casts it as a misleading detour, keeping investors from seeing the core value and explosive upside he believes lies in precious metals.
BTC/USD via Bitstamp on July 11, 2025.
Yet Schiff’s dismissal increasingly appears myopic. Bitcoin‘s sustained record highs suggest he misjudges its legitimacy as investors diversify into a peer-to-peer electronic cash system. His confidence in silver mining stocks catching up feels misplaced, potentially underestimating crypto’s structural shift while overestimating traditional market reactions to isolated precious metal price surges.
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