From $3,500 to $6,000: Peter Schiff’s Bullish 2026 Outlook for Gold and Miners

TradingKey - Fueled by expectations of Fed rate cuts, political turmoil, and broader macroeconomic uncertainty, gold prices surged past $3,500 per ounce during Tuesday’s Asian trading session, setting a new all-time high. Wall Street’s famed “gold bull,” Peter Schiff, says the market is in the best environment of his lifetime, forecasting a 2026 USD Index of 70, gold reaching $6,000, and gold mining stocks doubling again.

On Tuesday, September 2, gold (XAU/USD) broke $3,500 per ounce for the first time in history, peaking at $3,508.59 before pulling back slightly — still closing the day higher.

Historic High in Gold Price, Source: TradingView

Analysts widely attribute this rally to:

• The Fed independence crisis triggered by the “Firing Cook”
• The imminent September rate cut
• Demand for inflation and macro-hedging

BNP Paribas said all conditions are aligning for gold’s rise, with rising economic uncertainty clearly boosting gold’s appeal. ANZ Bank noted that calls to lower borrowing costs at the expense of higher inflation are now capturing investor interest, providing further support for gold’s upward momentum.

UBS pointed out that with rate cuts imminent, investors are increasing their gold allocations, which could continue to push gold to new highs over the coming quarters.

Gold advocate Peter Schiff has long warned of bubbles, currency debasement, and the inevitable resurgence of gold — views that are now being validated. In 2025, gold is up over 32%, and gold mining ETFs are up over 80% year-to-date.

According to Zero Hedge, Schiff said over the weekend:

“I don’t think I’ve ever been more bullish than I am now.”He emphasized that it’s not just fundamentals — monthly and weekly charts also signal a powerful bull market.

Schiff specifically highlighted how mining stocks are leading the rebound, noting that even if gold dips, gold equities can still rise.

For months, the economist has championed the idea of “miners leading the metal,” urging investors to focus on companies that physically extract gold as the best way to gain exposure to the unfolding bull market.

“Gold in the ground was as cheap as it’s ever been compared to gold above ground.”

Schiff noted that the VanEck Gold Miners ETF (GDX) is up 86% this year, the Junior Gold Miners ETF (GDXJ) is up 87%, and Newmont Mining (NEM) nearly doubled — making it the second-best performer in the S&P 500 year-to-date.

He predicts that by year-end, Newmont could surpass AI darling Palantir to become the top-performing stock in the S&P 500.

Schiff reiterated his bearish outlook on the U.S. dollar, saying the DXY will collapse, not just correct, potentially falling to 90 by year-end. If quantitative easing resumes next year, he expects the DXY to plunge to 70 by the end of 2026 — matching levels seen during the 2008 financial crisis — and even 40 is not out of the question.

In this environment, he forecasts that gold could easily reach $4,000 per ounce by the end of 2025, $6,000 in 2026, and that mining stocks still have significant upside — potentially rising another 50% to 100%.