Dr. Doom’s Warning: “Avoid Silver, Buy Gold Now”

Renowned economist Peter Schiff, famously known as ‘Dr. Doom’ for predicting the 2008 financial crisis, has advised investors to focus on gold while staying cautious about silver. Schiff highlighted that gold is currently undervalued at $4,534 per ounce, presenting lower downside risk compared to silver, which remains highly volatile in the short term.

In a recent post on social media platform X, Schiff warned, “There is significant short-term risk in buying physical silver at this time. I am not selling my silver, but waiting for the market to stabilize before buying more is prudent.”

Contrastingly, Schiff’s outlook on gold is highly positive. “Now is the right time to buy gold. At $4,534, it’s a bargain and carries less risk of decline compared to silver,” he said.

Silver’s Volatility in Focus
Schiff further elaborated on silver’s unstable performance. According to him, silver has already dropped over $3 from recent highs. He expects a support range between $70 and $75 per ounce, suggesting that buying silver may become safer if it falls further. At the time of his post, silver was trading near $79.30 per ounce after a $5 drop.

Europe’s Chief Economist and Global Strategist Schiff added, “The silver market has experienced highly volatile nights. After nearly hitting $84, silver fell sharply but stabilized just above $75, and has since rebounded above $80. This historic bull market still has a long journey ahead.”

Precious Metals Take a Hit
On Monday, precious metals faced declines as investors booked profits and demand for safe-haven assets eased due to reduced geopolitical tensions. Spot gold fell 0.4% to $4,512.74 per ounce after hitting a record $4,549.71 on Friday, while U.S. gold futures declined to $4,536.40. Spot silver dropped 1.3% to $78.12 per ounce, after reaching an all-time high of $83.62 earlier in the day.

Despite the recent dip, silver has surged 181% so far in 2025, outperforming gold, thanks to its status as a critical U.S. industrial and investment metal with limited supply. Gold has also strengthened this year, rising 72%, supported by expectations of U.S. interest rate cuts, geopolitical uncertainties, strong central bank purchases, and increased ETF investments.