If you've been celebrating the stock market's seemingly unstoppable climb, economist Peter Schiff would like a word. Sure, the Dow Jones has gone from $1,000 in 1966 to approaching $50,000 today—an impressive 50-fold gain that looks pretty spectacular on paper. But according to Schiff, there's a different story when you measure things in gold instead of dollars.

The Gold Standard Reality Check

In a post on social media platform X, Schiff laid out the numbers. Back in 1966, gold was trading at $35 per ounce. Today it's hovering around $4,230 per troy ounce. Do the math, and that's a 120-fold increase—more than double the Dow's performance over the same timeframe.

"The Dow Jones first hit $1,000 in 1966. It's now approaching $50,000. That 50x gain is being heralded as proof of a spectacular economic boom. But in 1966 gold was $35. Today it's over $4,200. That's a 120x gain," he said.

His conclusion? When you price stocks in gold rather than dollars, the Dow is actually 60% lower today than it was six decades ago. It's a provocative way to think about inflation and real purchasing power.

Bitcoin vs. Silver: Schiff's Victory Lap

Schiff also took the opportunity to remind everyone about his February 14th call to dump Bitcoin (BTC) and load up on silver. By his calculation, anyone who followed that advice would now have roughly 70% more purchasing power. Bitcoin has dropped over 6% since then, while silver has rocketed up more than 68%.

The divergence has been particularly stark recently. In November alone, silver surged nearly 15% while Bitcoin fell 16%—what Schiff described as a "mirror image" crash that highlights just how differently these assets can move.

Dark Clouds for Digital Currency

Schiff hasn't softened his stance on cryptocurrency's future, either. He's predicting that 2026 could be even rougher for Bitcoin than recent months have been. He pointed out that Bitcoin has fallen nearly 30% from its dollar high and 42% from its peak when priced in gold—a metric he clearly considers more meaningful.

His commentary taps into the ongoing debate about whether digital currencies can ever achieve the stability and reliability of traditional stores of value like gold. At least for now, Schiff's betting that the yellow metal's millennia-long track record beats blockchain innovation every time.