Peter Schiff Flags Valuation Gap Between Metals Prices and Mining Stocks

Longtime Bitcoin critic and financial commentator Peter Schiff is urging investors to "buy the dip" once again, but this time his focus is on equities linked to metals production rather than cryptocurrencies or precious metals themselves.

Schiff argued that shares of mining companies are trading at levels that appear disconnected from current commodity prices. During the latest session, gold settled at $4,443, down 1.14%, while silver fell 4.71% to $77.34. The decline has added pressure to mining stocks, which Schiff believes have already priced in much of the downside from earlier sessions.

At the same time, Bitcoin slipped 2.14% to $91,742. While such moves typically draw public criticism from Schiff, he did not comment on crypto this time, keeping his remarks focused exclusively on the metals sector.

Schiff pointed to what he sees as a valuation mismatch between spot prices for physical metals and publicly traded mining companies. With the S&P 500 ending flat at 6,947.39 and no clear signs of broad risk-off positioning, he argued that the sell-off in mining stocks did not reflect a wider equity market downturn or cross-asset de-risking.

According to Schiff, the weakness in miners appears to have occurred in isolation, driven more by sentiment spillover from falling commodity prices than by any deterioration in fundamentals such as demand outlook, production levels, or cost structures.

He stopped short of making a bullish call on gold or silver themselves and did not revisit his broader views on monetary policy. Instead, Schiff framed his comments as an observation of a pricing inefficiency between two closely linked markets—and, notably, allowed Bitcoin's decline to pass without using it to reinforce his argument.