Gold has big dumped from its historical high, Peter Schiff: Bitcoin's rebound is an opportunity for "fool's gold" to turn into real gold.

Gold prices experienced the largest single-day fall since April 2013, with spot gold dropping 6.7% from 4,375 to 4,080 USD per ounce on Tuesday. This rapid decline occurred after gold's historic rise of 60% this year. Gold bull Peter Schiff stated that these fluctuations are just noise, and the rebound of Bitcoin presents an opportunity for “fool's gold” to turn into physical gold!

Gold quickly corrected after a year-on-year increase of 60%.

The prices of precious metals have suddenly fallen, highlighting a wave of profit-taking in the market. Previously, driven by central bank-led purchases and concerns over the fiscal difficulties of developed countries, the prices of precious metals surged significantly this year. Technical indicators suggest that the recent strong upward trend may have been excessive.

KCM Trade's chief market analyst Tim Waterer stated: “The momentum of profit-taking is starting to snowball.” He noted that the decline in gold prices reflects the “strong temptation for traders to take profits at unprecedented price levels in the gold market.”

Despite the economic data vacuum caused by the U.S. government shutdown, the shutdown has also deprived commodity traders of one of their most valuable tools: the weekly reports from the U.S. Commodity Futures Trading Commission (CFTC), which show the holdings of hedge funds and other fund managers in U.S. gold and silver futures.

Analysts at ANZ Bank speculate that these positions have accumulated to a quite high level, ultimately triggering a sell-off. Despite the pullback, analysts believe that the long-term driving factors are still present and will provide support for prices.

Peter Schiff: The rebound of Bitcoin is an opportunity for “fool's gold” to turn into real gold.

Gold bull Peter Schiff stated that gold prices have fallen by over $200, and this fluctuation has been quite intense, but all these fluctuations occurred while gold prices were still above $4,100. He emphasized that these fluctuations are just noise and a great buying opportunity!

And he did not forget to satirize that the recent rebound of Bitcoin (BTC) has provided an opportunity for holders to turn from the so-called “fool's gold” to real gold.

Gold is now down over $200. Quite a shakeout, but all of this volatility is occurring with gold still above $4,100, which was a record high last week. Bitcoin is catching a bid from this selloff, creating another window for Bitcoiners to sell fool’s gold and buy the real thing.

— Peter Schiff (@PeterSchiff) October 21, 2025

This article discusses how gold has fallen from historical highs, with Peter Schiff stating that Bitcoin's rebound is an opportunity for “fool's gold” to turn into real gold. It first appeared in Chain News ABMedia.