Economist and gold advocate Peter Schiff has made several posts on X this week highlighting the rise in gold prices and discussing the economic factors affecting gold and related stocks. "Gold is having one of its best years ever, rising more than 26 per cent and on track to surpass the 32 per cent gain in 2007," he said on Friday. Gold prices surged after the Federal Reserve cut interest rates by 50 basis points on Wednesday, its first cut in more than four years. It also said gold was "on track for its best year since 1979, when prices rose 126 per cent". Mr. Schiff also pointed out that despite the strength of gold prices, many traders were quick to sell gold mining stocks as soon as there was a slight pullback. "If a $40 rise in gold prices leads to a 2% increase in gold mining stocks, then a $5 drop in gold prices causes mining stocks to lose half of their gains." He added: "So far, gold is up more than $540 in 2024, the largest dollar gain in history. In fact, this comes in a year when national debt is soaring and the Federal Reserve is cutting already low interest rates - although it is no coincidence that inflation is well above the 2 per cent target and trending upward."