Silver prices have climbed to fresh record highs at the same time U.S. Treasury yields are moving sharply upward — a combination that economist and longtime crypto critic Peter Schiff says reflects growing stress in the global monetary system.
According to recent market data, silver has reached an all-time high, while gold has also posted strong gains and is trading just below its own record level. These moves have unfolded alongside a noticeable rise in U.S. bond yields, particularly on the long end of the curve.
Schiff has pointed to this unusual alignment as a sign that investors are becoming uneasy with the Federal Reserve’s latest policy decisions. Following the Fed’s recent interest rate cut and a return to quantitative easing, Schiff argues that markets are not responding with confidence but with caution.
“Rising yields and rising precious metals prices at the same time aren’t a sign of easing financial conditions,” Schiff has said in public remarks. Instead, he views the trend as evidence that investors are questioning whether the Fed’s policies are addressing underlying economic risks.
Chart data from TradingView supports the view that silver’s rally has been technically strong rather than speculative. After spending the summer months moving sideways, silver began climbing steadily in early autumn. Prices formed a clear pattern of higher highs and higher lows, a classic signal of a healthy uptrend.
Momentum picked up through October and November, allowing silver to break above several key resistance levels. In December, prices briefly pushed even higher before seeing a modest pullback. Even so, the latest daily close remains well above previous ranges, keeping the broader bullish structure intact.
Notably, the chart does not show signs of panic buying or excessive speculation. Volume levels have remained relatively stable, suggesting the rally is being driven by sustained demand rather than short-term hype.
Schiff has also linked the precious metals surge to developments in the bond market. Rising long-term Treasury yields are often associated with inflation concerns, tighter financial conditions, or declining confidence in central bank policy. When yields climb at the same time as gold and silver, it can signal deeper unease about the effectiveness of monetary easing.
In Schiff’s view, the current market setup points to a rejection of the Fed’s recent policy direction. He argues that if rate cuts and quantitative easing were restoring confidence, yields would likely be falling — not rising.
Instead, Schiff believes the bond and metals markets are sending a unified message: investors are repositioning as confidence in current monetary policy weakens. According to him, the simultaneous strength in yields and precious metals reflects monetary instability rather than relief, raising questions about whether the Fed’s latest moves are solving problems or creating new ones.
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