peter shipChief Economist and Global Strategist Euro Pacific Capital, has asked Bitcoin BTC/USD “Fanatics” to stop making fun of them Gold based on its market movement.

“#Bitcoin fanatics need to stop mocking #Gold’s $52 surge and claiming a 3% move is nothing compared to what Bitcoin is doing. Bitcoin is up just 4% today. Not nearly enough additional profit to compensate for the significantly higher risk. $GDX is up over 10%. The miners are a better choice,” Schiff said in his tweet.

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Schiff explained how positive divergences in gold prices suggest the commodity has likely bottomed and is poised to rise in the future. “#Gold is up over $50 today. Daily wins this big are rare. The positive divergences I have pointed out between #silver and the miners likely mean that gold has seen its bottoms. If that’s the case, daily spikes of $50 will soon be common. In fact, gold could soon have its first $100 day,” he said in his tweet on Sunday.

#Gold had an outside reversal week in which not only did it pull out last week’s low and close above last week’s high, but this week’s low was a new 52-week low. #Silver also had a similar outside reversal week but failed to make a fresh 52-week low. Another positive deviation.

— Peter Schiff (@PeterSchiff) November 4, 2022

Gold Mining ETFs: Schiff also emphasized his bullish stance on gold mining ETFs, saying that the price surge is likely to be the start of a long trend. He advised investors to heed this trend and not be the last on board.

“Since late August, $GDXJ, an index of junior gold mining stocks, is up 5.5%. During the same period, the NASDAQ is down 11.5%. Many investors own Big Tech. Very few own junior miners. This is likely the start of a long trend. Don’t be the last one on board,” he said in his tweet.

That VanEck Gold Miners ETF GDX closed over 10% higher on Friday during the iShares MSCI Global Gold Miners ETF RING closed 9.76% higher.

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