Peter Schiff Says 'Cutting Taxes Is Easy' But Reducing Spending Not So Simple, Warns Of Inflation Spike Under Trump

Renowned economist Peter Schiff advised investors to buy gold dips amid concerns over potential inflation following Donald Trump‘s presidential election victory over Kamala Harris.

What Happened: “The best Trump trade now is buying the dip in gold and gold mining stocks,” Schiff posted on X. “Cutting taxes is easy. We know from experience that substantive spending cuts are impossible. Even Reagan couldn’t do it, despite making greater promises to do so. Trump will make inflation great again.”

Trump secured 277 electoral votes and 51% of the popular vote against Harris, according to Associated Press figures.

Major gold mining stocks, including Barrick Gold (NYSE:GOLD), Newmont (NYSE:NEM), and Royal Gold (NASDAQ:RGLD), declined over 2% on Wednesday, while gold spot prices traded at $2,656, ...

Full story available on Benzinga.com