Investors could also be feeling uneasy as stocks struggle amid ongoing trade tensions and tariffs. Nonetheless, in line with economist Peter Schiff, one asset is standing out amid the uncertainty: gold.

“Today marks a monumental moment in gold history because the spot price closes above $3,000 an oz. Despite the media’s silence, this development is important,” Schiff wrote on Instagram on March 17.

Because the chief economist and global strategist at Euro Pacific Asset Management, Schiff has been a vocal advocate of gold for a very long time.

Back in November 2023, when gold finished the month above $2,000 an oz, he called it a “significant milestone” on X and predicted that “much higher prices are coming soon.”

Now, with gold sitting at $3,035 per ounce as of mid-March, that prediction has already played out — but Schiff believes the rally is removed from over.

“While central banks stockpile gold, retail investors have a singular opportunity to capitalize. With gold expected to rise to $4,000 and beyond, now’s the proper time to speculate,” he wrote.

Schiff isn’t alone in pointing to central banks as a serious force behind gold’s surge.

In 2024, central banks added 1,045 tonnes to global reserves, marking the third consecutive yr of net purchases exceeding 1,000 tonnes, in line with the World Gold Council.

Goldman Sachs has also taken notice, recently raising its year-end 2025 gold price forecast to $3,100 per ounce, citing “structurally higher central bank demand.”

For Schiff, central bank buying isn’t nearly portfolio diversification — it’s a warning sign.

Many investors turn to gold as a hedge against inflation, since — unlike fiat currencies — it could possibly’t be printed at will by central banks.

Schiff argues that central banks’ growing appetite for gold signals something deeper.

“Investors have not even woken as much as what central banks are doing, however the central bankers are the insiders of the fiat monetary system,” he said. “The insiders within the fiat monetary system have been dumping their dollars to purchase gold. They obviously know something, and the general public hasn’t caught on yet.”

So, what do they know that retail investors don’t?

Schiff believes it’s easy: inflation isn’t going away.

“Investors have not woken as much as the fact of high inflation, so far as the attention can see, they still consider that the Fed goes to have the ability to bring inflation back all the way down to 2% — there is not any probability that is going to occur,” he said. “Inflation is not going anywhere near that. The truth is, it’s already bottomed out and is headed much higher — none of that has really been priced into gold yet.”