Peter Schiff, chief economist and global strategist at Euro Pacific Capital, is betting that gold and silver will end the year on a positive note.

What Happened: Schiff tweeted this while highlighting the comparison between returns on the commodities and Bitcoin.

#Gold is still down 2% in 2022 and #silver is down 1%. Many #Bitcoin pumpers will point to this decline in a year of high #inflation as proof that gold has lost its relevance. Yet in 2022 Bitcoin is down 63% and $GBTC is down 74%. I bet both gold and silver end the year positive.

— Peter Schiff (@PeterSchiff) December 3, 2022

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Grayscale Bitcoin Trust (OTC:GBTC) is trading at over 42% discount to its Bitcoin (CRYPTO: BTC). However, in the same period, iShares Gold Trust Micro (NYSE:IAUM) has lost just 0.33% while the iShares Silver Trust (NYSE:SLV) is up 0.52%.

In another tweet, Schiff also pointed out how the labor market was still weak and workers were taking on multiple "low-paying" jobs to survive.

The U.S. labor market is not strong. The number of employed Americans actually fell if Nov., and all the net gains where part-time jobs for people already employed. The truth is the labor market is so weak that workers are forced to take multiple low-paying #jobs just to survive.

— Peter Schiff (@PeterSchiff) December 3, 2022

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