Economist and gold enthusiast Peter Schiff has a message for investors: don't wait. He's urging people to buy gold and silver before U.S. markets open for trading next week, predicting that both metals are about to hit fresh record highs.

Act Before Monday Morning

In a post on social media platform X, Schiff laid out his reasoning with characteristic urgency. "Don't wait for U.S. markets to resume trading on Monday morning. Buy your gold or silver now, before Asian markets open Sunday night. I'm expecting new record highs in both gold and silver early next week," he wrote.

It's the kind of advice that sounds dramatic, but Schiff has some momentum behind him. Both metals have been on a tear recently, and the charts are backing up his bullish outlook.

Precious Metals on Fire

Schiff's comments come as gold and silver prices have surged following the Federal Open Market Committee's 25 basis point rate cut announcement last week on December 10. Lower interest rates tend to boost precious metals since they don't offer yields—when bonds pay less, gold becomes more attractive.

Spot gold prices were hovering around $4,300 per troy ounce at the time of writing, after surging to nearly $4,350 earlier in the session. That's just shy of the all-time high of $4,382, which means gold is basically knocking on the door of uncharted territory.

Silver, meanwhile, has already broken through. Spot silver prices scaled a new high of $64.67 before losing some steam to settle around $62.02 per troy ounce. For a metal that's historically been more volatile than gold, that's a significant move.

Still Bashing Bitcoin

Schiff's enthusiasm for gold and silver comes alongside his ongoing criticism of the cryptocurrency market. He recently referred to Bitcoin (BTC)'s rebound as a "good opportunity" to sell what he termed "fool's gold" and invest in silver instead. He celebrated silver's new all-time high above $60 per ounce, positioning it as the superior alternative to digital assets.

Schiff has consistently criticized Bitcoin's value as "purely subjective," contrasting it with gold's "objective" value due to its tangible properties and industrial uses. He's been vocal about gold's intrinsic value, highlighting its conductivity, malleability, and corrosion resistance—qualities that make it useful beyond just being a store of value.

Back in November, Schiff warned of a "race to get out of Bitcoin" as the cryptocurrency dropped 4%, falling below the $89,000 mark. He argued that Bitcoin's reputation as a top-performing asset was no longer valid. Whether you agree with his take or not, Schiff has been remarkably consistent in his preference for shiny metals over digital ones.