'Perfect time' to buy gold amid market uncertainty? Economist Peter Schiff has this to say
US investors may be feeling the heat of the uncertain stock market conditions, but economist Peter Schiff is optimistic about one asset: gold. The asset has been surging steadily over the past, having risen by nearly 40%, but Schiff believes that this rally is just getting started.
The financial advisor even took to Instagram back in March 2017 to say, "Today marks a monumental moment in gold history as the spot price closes above $3,000 an ounce. Despite the media's silence, this development is significant."
A post shared by Peter Schiff (@peterschiff)
"While central banks stockpile gold, retail investors have a unique opportunity to capitalize. With gold expected to rise to $4,000 and beyond, now is the perfect time to invest. If $3,000 gold feels out of reach, consider silver, currently below $34 an ounce and primed for gains", he continued on his video post's caption.
For Schiff the concept is quite simple. He believes that inflation isn't going away anytime soon and therefore many investors may turn to gold as a 'hedge against inflation'.
He also asserted that the central banks' appetite for gold is increasing, signifying that something deeper is at play. He is of the opinion that central banks' buying of gold is not just about portfolio diversification. Instead, it is a major warning sign that investors may be missing.
Schiff also had something to say on silver as an asset. In his Instagram video from March 18, the economist said, "Silver is lagging behind gold, but that might be the biggest opportunity in the precious metals market right now. While gold is up 50% from its 2020 high, silver still hasn't caught up — and that's not normal."
According to a MoneyWise report, those investors who are looking at capitalizing on gold as an investment asset while also securing tax benefits could try opening a Gold IRA. This allows them to keep physical gold or gold-related assets inside their retirement account, giving them the necessary tax advantages.
Using a Gold IRA keeps one battling inflation over time, while also availing the necessary privileges of a retirement account.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
NDTV
an hour ago
- NDTV
Why Chongqing In China Has Become An Instagram-Favourite Travel Destination
Show Quick Read Summary is AI-generated, newsroom-reviewed Imagine going to a city where the petrol stations are on roofs, trains run through residential buildings, buses float in the sky, there are elevators for cars, multi-storey restaurants on rivers, and when you think you're on the ground floor, you're actually on the 22nd. Welcome to Chongqing where even Google Maps as well as China's navigation apps Baidu Maps and AMap struggle to make sense of the city's chaotic topography and multi-level madness. With over 32 million residents, it is the largest city in the world by urban population, and easily one of the most unique by design. "Look closely here. You would think that we are on the ground floor, but in reality, we are on the 22nd floor of a storied building," excitedly claims Malina aka Malinavibes, a travel vlogger in one of her travel vlogs. Her video on YouTube panning from what looks like a regular pavement down to an endless drop. Malina is among thousands of creators who've made Chongqing the 'most viral city' in Asia right now. For context, Chongqing is one of China's national central cities and is a direct-administered municipality in Southwestern China. It is around 1800 kms from China's capital, Beijing. '186% Rise In Tourism' The buzz isn't just online. According to local media outlets, Chongqing's inbound tourism market has exploded, welcoming 1.27 million tourists in 2024 alone-up 183.6 % from the previous year. The city now ranks among China's top travel destinations on social media platforms, especially TikTok, Instagram and Xiaohongshu (China's Instagram equivalent). Chongqing's cultural industry has also flourished, generating Rs 1.67 lakh crore (145.27 billion yuan) in added value, up 5.6 % from 2023. The tourism sector alone grew by 7.4 % with most visitors coming from Southeast Asia. A growing number of Indians too are exploring the city, thanks to improved visa policies and better connectivity. However, the top reason why Chongqing is gaining popularity is because of the way it's built. But, Why Is Chongqing Built That Way? To understand Chongqing, you need to know its geography. This is a mountain city, nestled at the confluence of the Yangtze and Jialing rivers, with massive elevation changes. The city is essentially a series of plateaus, hills and cliffs stitched together by bridges, tunnels, escalators and flyovers. Because of the terrain, developers built vertically instead of horizontally. Hence, a building in Chongqing could have entrances on the 1st, 10th, and 20th floor, depending on which side of the property you're on. For instance, the viral Liziba Station, where a train cuts through a residential complex, is not a quirky design decision - it's an urban necessity. Its design is a response to the need to maximise space and connectivity in a challenging environment. This unique city has now been given various names, such as "5D city" or "cyberpunk city", which only add to its popularity. View this post on Instagram A post shared by Dylan Page (@ The city infrastructure was also impacted by various historical events. For instance, during World War II, Chongqing served as China's wartime capital, enduring heavy bombing campaigns. This led to the development of underground shelters and tunnels, which later influenced the city's layered urban structure. Additionally, the war accelerated rapid urban expansion, as refugees and government institutions relocated to the city. Now, let's look at the other reasons. Direct Flights And Easy Visas In recent years, there has been a shift in how China is approaching tourism. Once known for its stringent visa policies, the country is now making travel more accessible - even for Indians. Recently, China relaxed visa rules to foster tourism and business opportunities for Indian travellers. The new policy allows them to experience the country with simplified documentation. Between January and April 2025, the Chinese Embassy in India issued over 85,000 visas to Indian citizens. Whether for leisure, business, or backpacking, the doors to China are now more open than ever. While Chongqing was once a challenging destination, there are now direct flights from Bangkok, Singapore and Kuala Lumpur. With plans underway to restore and expand direct connectivity with India, particularly from New Delhi and Kolkata, we can only expect the popularity to continue growing. Improved air routes and easier accessibility have further fuelled travel demand. A Dream For Content Creators Social media has transformed travel trends, turning once-hidden gems into global hotspots almost overnight. Chongqing, with its futuristic skyline, neon-lit streets, and multi-level roads, has become a visual spectacle that thrives on digital exposure. View this post on Instagram A post shared by SHEV AND DEV | Travel Creator (@shev_n_dev) From drone shots of mist-covered mountains surrounding skyscrapers to timelapses of the cable cars gliding over a buzzing city and Yangtze river, Chongqing offers endless content opportunities. No wonder #Chongqing is rising fast on global platforms such as Instagram, YouTube and TikTok. Super Efficient (And Trippy) Transport System The CRT (Chongqing Rail Transit) is a marvel in itself, and many just travel to Chongqing to experience this. Trains here defy expectations-rising on stilts, plunging through buildings, and navigating hairpin curves around mountains. Once designed due to space constraints and increasing dense population, the Liziba monorail station in Chongqing is now one of the major tourist attractions. It is a unique structure where a light rail train passes through a 19-storey residential building. The station and building were constructed together as one whole structure, with the monorail integrated into the sixth to eighth floors (without making any noise, btw). Then there are elevated buses and sky bridges which helps people climb massive vertical distances in minutes. Add to that the Yangtze River cableway, where you can glide across the river in a suspended cable car and wave at cargo ships floating below you. Hotpot, Nightlife and Floating Restaurants Food is another major draw. Chongqing is often called the hotpot (which is again popular on social media, even in India) capital of China. You can find souvenirs of hotpots here. The local version is spicier than what you'd find elsewhere, with fiery Sichuan peppercorns that can make your lips tingle for hours. One of the most sought-after experiences? Hotpot on a boat floating down the Yangtze, surrounded by neon reflections of the skyline. Some of these boats are multi-storeyed, complete with karaoke lounges, game zones, and rooftop decks. The nightlife is equally fascinating. Thanks to its tall buildings layered across hills, reflections in the river, and LED-lit bridges, Chongqing's skyline is straight out of a cyberpunk film. Chongqing's Hongya Cave is a fairy-tale complex of stilt houses and restaurants clinging to a cliffside, lit up like a festival every night. It's not just scenic - it's Instagram gold, with a history. The complex is believed to have functioned as a fortress from the time of the ancient Ba State (1046 B.C. - 256 B.C) through the end of the Qing dynasty. Affordable Travel And Accommodation While most big Chinese cities such as Shanghai or Beijing can dent your wallet, Chongqing remains surprisingly affordable. Budget hotels start at around Rs 2,000 per night, hotpot meals are under Rs 500 for two, and local transport services are also reasonable.
Hindustan Times
3 hours ago
- Hindustan Times
Memes erupt after Vijay Mallya's ‘image-cleansing' podcast with Raj Shamani goes viral
Businessman Vijay Mallya, the former Kingfisher Airlines chief facing multiple fraud charges in India, made a rare public appearance on YouTuber Raj Shamani's podcast to share his "true factual story." The episode went viral, racking up over 22 million views in just five days. However, social media users quickly called out what many saw as an attempt to whitewash Mallya's image, given his fugitive status under Indian law. Critics claimed the podcast episode tried to paint the former liquor baron as a victim, despite the businessman's ongoing legal battle with Indian authorities and lenders over debts exceeding Rs11,100 crore, including massive defaults to the State Bank of India (SBI). Memes and jokes quickly spread online, with many branding the podcast a "washing machine" for fugitives and fraudsters. Some users mocked the show by suggesting a lineup of future controversial guests, while others even created parody thumbnails imagining who might be featured next. Meanwhile, Mallya expressed gratitude for the overwhelming response to the podcast. 'To say that I am humbled and overwhelmed is well short of what I truly feel. A big heartfelt thank you to all those who took the time to watch my 4 hour plus podcast with @rajshamani. 20 million views on YouTube alone in 4 days and god knows how many more reposts on Instagram and Facebook fills my heart with joy that my true factual story is being heard. May god bless you all," he wrote on X. During the interview, Mallya said he would consider returning to India from the UK if he were assured of a fair trial. "I will think about it seriously," he stated. Mallya remains the subject of India's ongoing extradition efforts related to his alleged loan defaults. (Also read: 'IPL took down my video': Sidhartha Mallya alleges Instagram ban over RCB victory post)
News18
5 hours ago
- News18
How Much Did Vijay Mallya Really Repay? A Deep Dive Into His Viral Podcast Claims
Last Updated: In a viral podcast with Raj Shamani, Vijay Mallya claimed he's being unfairly targeted despite settling his dues. But enforcement records and court findings tell a different story Vijay Mallya claimed he repaid more than he borrowed in a viral podcast with Raj Shamani. (Screengrab/rajshamani) 'To say that I am humbled and overwhelmed is well short of what I truly feel," Vijay Mallya tweeted on June 10, celebrating over 20 million views on his four-hour-long podcast with influencer Raj Shamani. For a man officially declared a fugitive economic offender in India, the moment was more than a milestone; it was a public relations push to reshape his image. To say that I am humbled and overwhelmed is well short of what I truly feel. A big heartfelt thank you to all those who took the time to watch my 4 hour plus podcast with @rajshamani 20 million views on YouTube alone in 4 days and god knows how many more reposts on Instagram and…— Vijay Mallya (@TheVijayMallya) June 9, 2025 In the podcast, the former Royal Challengers Bengaluru (RCB) owner repeated a claim he has made several times before: that he is being unfairly targeted by Indian banks and agencies even though he has already paid back far more than he owed. ' I took loans worth Rs 6,200 crore and have paid Rs 14,000 crore back," he said. The suggestion? He is the real victim of a broken system. But what do the facts say? Claim 1: 'I took loans worth Rs 6,200 crore and have paid Rs 14,000 crore back." Fact-Check: Mallya's figure of Rs 6,200 crore refers only to the principal borrowed by Kingfisher Airlines and related entities from a consortium of 17 banks. However, under standard banking procedures, any loan accrues interest until it is fully repaid. In cases of default, banks additionally impose penal interest and other charges. When Kingfisher Airlines defaulted, the matter was taken to the Debt Recovery Tribunal (DRT) in 2013. As per the DRT's decree, by April 10, 2019, the total dues including principal, accumulated interest, and penalties had risen to Rs 17,781 crore. Of this amount, Rs 10,815 crore was recovered — not from payments made by Mallya himself, but through court-monitored sales of attached assets, including the Kingfisher Villa in Goa and shares in United Breweries. These assets were seized and liquidated under provisions of the Prevention of Money Laundering Act (PMLA), after Mallya was declared a fugitive economic offender. The remaining unpaid amount, as reported by TOI citing government sources, still stands at Rs 6,997 crore. Mallya's claim of having 'repaid" Rs 14,000 crore is misleading on two fronts: first, it conflates enforced recoveries with voluntary repayment; and second, it disregards the legitimate accrual of interest and penal charges, which apply to all defaulters — corporate or individual. The Rs 14,000 crore figure appears to aggregate court-ordered recoveries and asset sales made without his cooperation. In financial and legal terms, repayment implies voluntary settlement of dues by the borrower. That did not happen in this case. Claim 2: 'I have committed no fraud. I always intended to repay." Fact-Check: Mallya frames his actions as an unfortunate consequence of business failure, suggesting that his intention to repay should absolve him of wrongdoing. However, Indian law, particularly under the Reserve Bank of India's guidelines, makes a clear distinction between business failure and wilful default. A wilful defaulter is someone who has the capacity to repay but chooses not to. In Mallya's case, Indian banks officially declared him a wilful defaulter, which means he had both the means and opportunities to repay, but deliberately defaulted. Further, investigative agencies like the Enforcement Directorate (ED) have unearthed substantial evidence of fund diversion. Approximately Rs 3,500 crore out of the borrowed sum was not used for operational expenses of Kingfisher Airlines, but instead diverted to entities such as the Force India Formula One team, and to support personal luxury expenditures. One high-profile example is the $40 million (approximately Rs 342 crore) payout Mallya received from Diageo in 2016. Despite a standing personal guarantee agreement with Indian lenders, he transferred this sum to accounts belonging to his family members — a direct violation of the agreement, and an act the Supreme Court later found him guilty of in a contempt case. Fraud, under Indian law, does not hinge on a person's stated intent but on the pattern of actions, fund movement, and non-compliance with agreements. Mallya's repeated claims of good intent are contradicted by financial records, court findings, and his own conduct, including his flight from India while legal proceedings were ongoing. Fact-Check: Mallya's claim about informing then Finance Minister Arun Jaitley has no official documentation. Jaitley, in a 2018 blog post and press interaction, said Mallya made an unsolicited approach in the corridors of Parliament and mentioned a possible settlement. Jaitley stated he told Mallya to speak with the banks. No meeting was scheduled, and no discussion was entertained. Mallya has repeatedly used this claim to suggest he did not abscond secretly. But a passing remark does not qualify as formal disclosure. Claim 4: 'My case is not of criminal nature. It's only about business failure." Fact-Check: Mallya's legal troubles go far beyond a failed airline. He faces criminal charges under the Prevention of Money Laundering Act, Indian Penal Code, and other financial regulations. In 2022, the Supreme Court sentenced him to four months' imprisonment in a contempt case. Separately, a non-bailable warrant was issued in a service tax evasion case where Rs 100 crore collected from customers was not deposited with the government. His extradition has also been approved by a UK court, though delayed by pending asylum-related appeals. This is not a civil default — it's a layered legal case involving fraud, evasion, and wilful deceit. Claim 5: 'My company's assets were undervalued." Fact-Check: Mallya claims his assets were sold below their real value during recovery. However, there is no credible evidence showing that the banks undervalued his properties. In fact, when applying for loans, Mallya had submitted inflated estimates, including valuing Kingfisher Airlines at $500 million, far above what the company was realistically worth, given its poor financial performance. When banks tried to recover dues, they auctioned attached assets such as the Kingfisher Villa and UB shares. These were sold under court-monitored public processes that followed due legal procedures, including open bidding. The lower sale prices were likely a result of legal complications, reduced brand value, and distress sale conditions — not undervaluation by banks. There's no independent valuation or legal finding that supports Mallya's assertion of systemic undervaluation. Instead, the inflated figures during borrowing and his failure to repay left banks with limited options for asset realisation. Claim 6: 'I never misused company funds." Fact-Check: The ED tracked Rs 241 crore transferred from Kingfisher Airlines' accounts to the Force India F1 team. In addition, Mallya used Rs 100 crore to operate a personal aircraft — costs borne by a debt-ridden airline. He also made foreign property acquisitions amounting to Rs 330 crore while Kingfisher employees were going unpaid. These findings, based on transaction records and corporate audits, clearly show that company funds were redirected to sustain personal and unrelated commercial interests. Claim 7: 'I never denied salaries or dues to employees." Fact-Check: Kingfisher Airlines stopped paying salaries by mid-2012. Employee PF contributions and deducted taxes, amounting to Rs 371 crore, were not deposited with the authorities. Protests and hunger strikes were staged across the country. At the same time, Mallya spent Rs 28 crore in a single IPL auction to acquire players like Yuvraj Singh. His IPL team, foreign villas, and yacht appearances continued even as his employees struggled to survive. This disproves his claim of financial helplessness and contradicts his statement about employee compensation. Claim 8: 'I was advised by Pranab Mukherjee to not shut Kingfisher during the 2008 crisis." Fact-Check: Mallya cites a verbal exchange with the late Finance Minister Pranab Mukherjee as the reason he continued operations during a financially turbulent period. However, this anecdote has never been substantiated through any official record, and Mukherjee is no longer alive to confirm or deny the interaction. Even if such advice was given informally, it would not absolve a promoter from conducting proper financial assessments or fulfilling fiduciary duties. Claim 9: 'I used my own funds to settle loans." Fact-Check: Mallya suggests he personally repaid the banks, but there is no record of any voluntary payment made by him after he left India in 2016. The Rs 10,815 crore recovered so far came from the sale of assets seized under the Prevention of Money Laundering Act — including Kingfisher Villa, United Breweries shares, and other properties. These were auctioned by banks and enforcement agencies under court supervision. These recoveries were not the result of any direct financial contribution by Mallya, but of asset liquidation authorised by Indian courts. By definition, this does not qualify as personal repayment. Mallya's role in these recoveries was not cooperative; it was compelled by law. Claim 10: 'The media is biased and out to get me." Fact-Check: The accusations against Mallya are backed by extensive investigative findings from Indian agencies (ED, CBI, SFIO), international cooperation (UK court rulings), and Supreme Court orders. The label of 'fugitive economic offender' was formalised under a law passed in 2018 — largely due to high-profile cases like his. Media coverage may shape perception, but his legal troubles are rooted in well-documented legal violations. FINAL WORD Mallya's podcast may have drawn millions of views, but public sympathy and social media traction do not erase the financial, legal, and criminal realities surrounding his case. His key claims, from repayment figures to asset undervaluation, employee dues, and misuse of funds, are contradicted by court-monitored recoveries, enforcement findings, and bank records. top videos View all He remains a declared fugitive economic offender with an outstanding liability of nearly Rs 7,000 crore. Investigations have established fund diversion, wilful default, and procedural violations. While Mallya uses platforms like podcasts to reframe his story, the facts are already on record, and they tell a very different version. Ultimately, it is not intention or image but legal accountability that defines this case. And in that, the numbers and documents speak louder than words. About the Author News Desk The News Desk is a team of passionate editors and writers who break and analyse the most important events unfolding in India and abroad. From live updates to exclusive reports to in-depth explainers, the Desk More Get breaking news, in-depth analysis, and expert perspectives on everything from politics to crime and society. Stay informed with the latest India news only on News18. Download the News18 App to stay updated! tags : Kingfisher Airlines podcast Vijay Mallya Location : New Delhi, India, India First Published: June 11, 2025, 12:31 IST News india How Much Did Vijay Mallya Really Repay? A Deep Dive Into His Viral Podcast Claims
