Gold & Silver Crash: Why This Selloff Changes Nothing (Buy the Dip)
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 2 February 2026
⏱️ 48 minutes
🧾️ Download transcript
Summary
Gold and silver just experienced one of the most violent paper selloffs in history—but does it actually change the bull market? In this special Sunday night edition of the Schiff Gold Market Wrap, Peter Schiff explains why this crash was driven by coordinated futures selling, not fundamentals, and why it represents an opportunity rather than a turning point.
Peter breaks down what caused the sudden collapse, why physical demand for gold and silver is increasing even as paper prices fall, and why premiums are already rising. He explains how short sellers engineered the move, why they ultimately can’t deliver the metal they sold, and why this sets the stage for higher prices ahead.
The episode also covers why mining stocks were hit even harder than metals, why those declines create exceptional value, and how earnings will soon expose the disconnect between prices and fundamentals. Peter explains why Bitcoin continues to fail as “digital gold,” why crypto fell without benefiting from the gold rally, and why this moment offers a rare chance to rotate out of crypto and into real money.
Despite extreme volatility, gold near $4,700 and silver near $80 remain historically strong prices. Peter explains why this selloff doesn’t damage the long-term trend, why Asian buying remains strong, and why the biggest risk now belongs to short sellers—not long-term holders.
This episode is essential viewing for anyone holding gold, silver, mining stocks, or crypto.
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Transcript
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| 0:00.0 | Hi, everybody. This is Peter Schiff for the Shift Gold Friday Gold Market Wrap. Of course, |
| 0:10.2 | it is Sunday night, and I'm doing the Friday Market Wrap live. I'm even simulcasting it on X. |
| 0:18.6 | The reason I wasn't able to do the update on Friday, |
| 0:23.8 | it's not because I was hiding because of the big decline in gold and silver. |
| 0:28.0 | I was in El Salvador for the Plan B conference, Tether's conference. |
| 0:35.9 | And so I just got back earlier this afternoon and I didn't really feel like doing |
| 0:41.6 | the update from my hotel room and I had other things that I was doing down in El Salvador. |
| 0:47.7 | So I decided to do it on Sunday night. You know, when I got on the plane to fly down to El Salvador, late Thursday morning, |
| 1:00.9 | silver was above 120. It had traded above 121. In fact, silver made its all-time record high on |
| 1:07.9 | Thursday. Same with gold. It was above 5,550. I can't remember the exact |
| 1:14.3 | price. But when I landed, because I had no internet for the three-and-a-half-hour flight, the jet |
| 1:22.8 | didn't have any Starlink, so I was kind of blind. And so when I, when I landed and I went on my phone, |
| 1:31.3 | I saw what had happened to gold and silver on Thursday. There was about a 10-minute period where gold |
| 1:40.4 | dropped like $300. I forget exactly how much, but it was a huge drop and an even bigger drop in silver. |
| 1:48.1 | So both gold and silver closed way down on the day. |
| 1:51.8 | I forget where silver closed, it was still, I believe it was above 100, but barely. |
| 1:59.4 | Gold closed above $5,100, but still about, what, $500 off of its high. |
| 2:09.6 | And then the following day, on Friday, it was even worse. |
| 2:18.3 | And gold and silver got killed again. |
| 2:21.7 | Gold closing below 5,000. |
| 2:25.3 | It closed at about $4,900, I think, $4,900 approximately. |
| 2:34.2 | So yeah, gold must have closed, excuse me, it must have closed well above $5,100. It must have been $4,900 approximately. So yeah, gold must have closed, excuse me, |
... |
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