Silver was on fire early this year. And nobody was louder about it than Peter Schiff. Back in January, the gold bug called for silver to blow past $100 and even hit $200 by year-end. He warned shortages were coming and told everyone to buy before supplies ran out.
Fast forward six months. The story looks a lot different now. The silver price has fallen to around $58–$60 per ounce after peaking between roughly $110 and $120 in January, leaving many late buyers in losses approaching 50%.
That decline has reignited the long-running rivalry between Bitcoin supporters and precious metals advocates, with one viral post mocking Schiff’s prediction as Bitcoin maximalists celebrated the failed call.
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Bitcoin Maxis Mock Peter Schiff After Silver’s 50% Drop
The debate exploded after Bitcoin supporter Alexes Nakamoto shared a satirical post revisiting Schiff’s January predictions.
The post quoted Schiff’s bold calls for “$200 silver by year-end,” looming shortages, and repeated buy recommendations before joking that a friend who bought near the top was now looking for a class-action lawyer after losing about half their investment.
The post gained traction across X, with many users arguing that buying into highly optimistic forecasts near market tops often ends badly. Others defended Schiff, pointing out that he has promoted gold and silver for years as portfolio insurance against inflation and debt, not as short-term trading vehicles.
Peter Schiff in January 2026:
— Alex 👽 (@AlexesNakamoto) June 28, 2026
“Silver won’t stop at $100.”
“$200 silver by year-end.”
“Shortages are coming.”
“Buy it before we run out.”
A friend of mine, 6 months later, down 50% after buying the top:
Does anyone know a good class-action law firm?
I was told this was sound… pic.twitter.com/upMTM5KHuF
The criticism comes after an extraordinary run in the silver price. The metal climbed more than 130% during 2025 before reaching highs around $110–$120 in January 2026. Since then, profit-taking, tighter monetary expectations, and weaker investor demand have pushed prices back into the high-$50 range, erasing much of the rally.
Schiff’s broader thesis that precious metals benefit from inflation concerns and growing government debt has not disappeared. Even so, his prediction that silver could reach $200 during 2026 now looks far too aggressive given the market’s sharp correction during the first half of the year.
The Bigger Lesson Goes Beyond Silver vs. Bitcoin
The viral debate misses one important point: buying any asset after a parabolic rally carries substantial risk. Silver lost close to half its value from the January peak, but Bitcoin has also gone through multiple drawdowns exceeding 70% during previous market cycles. Large corrections are part of both markets, even during broader bull runs.
The silver price may still recover if industrial demand strengthens and macro conditions become more supportive.
Related Silver news: Silver Price Crashes Below $60 for the First Time Since 2025, and the Worst Could Still Be Ahead
A few institutional outlooks still see silver averaging higher than today’s prices by the end of the year. Meanwhile, Bitcoin fans keep making the same case, that its fixed supply gives it an edge over metals, which can always dig up more when prices go up.
But here’s the real lesson: bold price calls don’t replace smart risk management. Silver, Bitcoin, gold, whatever, buying into hype near the top can hurt bad if the market turns the other way.
Schiff correctly identified silver’s multi-year bull market, but the timing of his most aggressive forecast has become an easy target for critics after the metal’s 50% decline from its January peak.
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