With the attack by the terrorist group Hamas on Israel last Saturday (7), a new war began. While many believed it would be gold’s time to shine, one proponent was frustrated by investors’ silence.
This is because the conflict in the Middle East escalated to major proportions, with Hamas terrorists killing and kidnapping Israeli civilians. The dead and missing include Brazilians who were in Israel, and all indications are that the episode has caused pain for several families around the world.
The terrorist invasion against Israel is under the watchful eye of the international community, the UN and governments in the region. This is because there are those who believe that Iran is financing Hamas, a fact that has not yet been confirmed.
Gold lawyer frustrated by gold’s performance during the war between Israel and Hamas
Gold is often considered a protective asset during times of economic and geopolitical uncertainty, including war situations. And there are several reasons why gold is viewed this way.
One of these is its function as a store of value, a hedge asset. This is because it retains its value over time and is not directly tied to specific currencies, making it an attractive option during times of economic instability.
But legendary defender Peter Schiff took to Twitter (X) to criticize the market’s silent reaction to the new war between Israel and Hamas.
Believing that both gold and oil have not risen in value as quickly as they should, he believes that both commodities should have risen much more.
“So far, the markets’ reaction to the tragic events in Israel and what they entail, especially given Iran’s role, has been too muted. Oil should rise much more than $4 and gold much more than $15. Treasury bonds and stock market futures should be hit much harder.”
So far, market reactions to the tragic events have been mixed #Israel and what they imply, especially given Iran’s role, is far too vague. #Oil should rise much more than $4 and #gold much more than $15. Treasury bonds and stock market futures should be hit much harder.
— Peter Schiff (@PeterSchiff) October 9, 2023
Despite Peter’s criticism of the market, gold increased in value after the start of the war, although not as much as he wanted.
And what about bitcoin? Megainvestor does not believe that digital currency is a hedge
After the outbreak of the new war, Peter Schiff has not yet publicly criticized Bitcoin as a reserve asset, as he has done in the past.
He does not believe that digital currencies provide protection and warned as early as 2022 that an upward move in Bitcoin proved that digital currencies were not a store of value.
Either way, if the war escalates in the near future, investors should look for protective assets, a situation in which gold and perhaps even bitcoin could stand out.
Source: Live Coins

Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.