Renowned economist Peter Schiff pointed out that the correlation between gold and oil prices is reversing, signaling a buying opportunity for gold and mining stocks as well as a bottoming-out signal. He observed that this week, against the backdrop of rising U.S. Treasury yields and oil prices, gold prices bucked the trend to rise by about 1%, while silver rose by 2.4%. Although gold and silver have still declined year-to-date, Schiff believes this presents an excellent buying opportunity.

Schiff emphasized that since the outbreak of the conflict, gold and oil prices have been moving in opposite directions, but he believes this correlation is shifting and that they will move in tandem again in the future. Furthermore, this week the gold mining ETF (GDX) surged 5.6% and the small-cap gold mining ETF (GDXJ) jumped 5.8%—gains more than five times those of gold itself—which he believes indicates the market is nearing a bottom.

Schiff also warned that U.S. employment data—such as the drop in initial jobless claims to 187,000—is severely distorted by factors like the gig economy, and that the new tariff policies are effectively “hidden domestic tax hikes” that are pushing the U.S. toward “a situation worse than a recession.”