Gold Déjà Vu? Schiff Says This Crash Looks Just Like 2008 — Massive Surge Ahead

Published: Mar 25, 2026 1:31 AM • Updated: Mar 26, 2026 12:04 PM • Original source

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Prominent economist Peter Schiff made a bold call on Monday, drawing a direct parallel between gold’s current selloff and the 2008 Global Financial Crisis.

Writing on X, Schiff said, “In the early months of the 2008 GFC, gold crashed 32%, about 40% of its prior bull-market gain.”

He argued the setup looks identical today. Gold nearly hit $4,100 Monday, down 27% from its peak — also roughly 40% of its gain since the $2,000 level. His conclusion: “A 178% surge from that low puts gold at $11,400.”

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Gold hit an all-time high of $5,589 in January. It has since shed over 22%, last trading at $4,357.29. The U.S.-Iran conflict sent oil above $112, stoking inflation fears and pressuring the metal. Brent crude sits near $107.86; WTI at $98.81.

The FOMC held rates at 3.5%–3.75% on March 18. Fed Chair Jerome Powell warned that “higher energy prices will push up overall inflation.” The 10-year Treasury yield jumped to 4.41%.

Schiff, in an earlier post on Monday, rejected the market’s logic. “Selling gold because rising inflation will keep the Fed from cutting interest rates, when rates are already too low, makes no sense,” he argued on X.

Despite the paper selloff, the People’s Bank of China extended its gold buying streak to 16 months. JP Morgan and Deutsche Bank hold year-end targets of $6,300 and $6,000, respectively.