October 28, 2025
In Wednesday's episode of The Peter Schiff Show, Peter concentrates on the fallout from gold breaking $4,000 and what that means for the dollar, monetary policy, and crypto. He ties the metal's surge to the structural consequences of the dollar's reserve status, calls out surprising admissions from big-name financiers and former Fed officials, and argues that Bitcoin's "digital gold" story is unraveling.
He opens by noting how the media finally pays attention once a price gets headline-grabbing, even if they miss the deeper story about why gold is rising:
Well, it's been one week since I did my last podcast and when I did my last podcast, it was also on a Wednesday and what prompted me to do it that day was the fact that it was the first day that gold broke 4000 and there was a lot of media attention. And of course, they missed the bigger picture as to why gold was at 4000 and what it pretended. But they did cover it. The media had pretty much ignored gold all the way up to 4000. But when it got there, all of a sudden it was a bit of a story.
He then explains why $4,000 gold is more than a price milestone - it's a symptom of deeper reliance on the dollar's special role and on fiat money creation:
And this probably has even bigger implications for us than going off the gold standard did either for them or us, because our entire economy, our entire way of life over that time period has evolved to become dependent on the dollar's reserve status, dollars that we can create out of thin air. Not that we have to back by gold or anything. We just conjure them into existence. And we use those dollars to buy consumer goods that we don't produce. So we get to live beyond our means.
He highlights how even mainstream bankers are conceding that gold's run is not a trivial matter, pointing to Jamie Dimon's blunt acknowledgment:
Probably one of the most significant admissions that I've heard was from Jamie Dimon, who is a highly respected guy. And Jamie Dimon was quoted as saying gold can easily go to 10,000. And I agree it can easily go to 10,000, and it very well will go to 10,000 and a lot higher than that. But here is the more significant aspect of the Jamie Dimon quote. Jamie Dimon said, quote, "This is one of the few times in my life, it's semi rational to have some gold in your portfolio."
Peter also recounts an extraordinary candor from a former Fed chair, using it to question the credibility of official narratives during crisis periods:
But no, that's not what Ben Bernanke said. He said, and I, I'm not making this up. He said, well, you know, to be honest, I really couldn't speak my mind back then because I was part of the, the, the Bush administration. And so I had to maintain the narrative that the administration, you know, was advancing, which I, you know, I couldn't believe that he said this. So basically Ben Bernanke's excuse for why he was so wrong wasn't that he got it wrong and that he wasn't smart.
He reminds listeners that any praise for Alan Greenspan must be honest about Greenspan's own warnings on gold and loose policy, and he calls out commentators who dismiss the metal today:
So if you're going to praise Alan Greenspan, you can't just selectively praise him. You can't ignore what he said about gold. So what would Alan Greenspan say today in the face of $4,000 gold? He wouldn't dismiss it the way Scott Bessent is dismissing it. He would say $4,000 gold means monetary policy is much too loose because Alan Greenspan said $400 gold meant he was too loose.
Finally, Peter pivots to crypto and argues that gold's rise is actively puncturing the narrative that Bitcoin is a superior store of value - a point listeners in the crypto world should take seriously:
The people in crypto, I think, have already lost a ton of money. They just don't know it yet. Gold is not just pricking the dollar bubble. It's pricking the Bitcoin bubble. The whole false narrative that Bitcoin is digital gold is being destroyed right now. Bitcoin is in a major bear market; it is down by more than 25%.
This article was originally published on SchiffGold.com.