September 24, 2023

Economist Peter Schiff praises Chatgate subsidiary’s artificial intelligence for leaving bitcoin in a suggested “recession-proof” portfolio. The longtime gold proponent has commented on a report that claims a chatbot has recommended a “massive allocation” to the precious metal.

Schiff cites study alleges Chatgate favors gold and cash as investments in recession

Staunch crypto opponent Peter Schiff recently took to social media to highlight a report that revealed that OpenAI chatgpt Hasn’t considered bitcoin as an option when prompted to provide advice on a recession-resistant investment portfolio. In a tweet on Thursday, linking to an article about the test, Schiff said:

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The referenced experiment has been conducted by a platform providing information on Gold IRA (Individual Retirement Account) investments. According to a blog post, the artificial intelligence (AI) chatbot was said to produce instance allocations “resistant to boom and bust cycles”.

According to a press release by Gold IRA Guide, Chatgate suggests diversifying across a range of assets and commodities, such as cash. The mix included defensive stocks, bonds, cash and precious metals to create a “truly recession-resistant portfolio.”

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The announcement details that the alleged “ideal model” is comprised of 40% bonds, such as fixed-income government and corporate bonds, and 30% blue chip stocks such as healthcare, utilities and essential consumer goods. As much as 10% of the portfolio was reserved for cash and its various equivalents – US dollars, money market funds and certificates of deposit.

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Gold and other precious metals, in the form of physical and “paper-backed” gold and silver assets, including gold ETFs and mining stocks, gained 20%. The authors comment, “This figure is far higher than the number proposed by prominent ‘gold bug’ money managers such as Ray Dalio and Peter Schiff.”

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As News reported on Thursday, Schiff recently predicted that a bull market for gold would result in higher prices than those currently seen. His statement came after the most popular precious metal breached the $2,000 level earlier this week.

Do you agree with Peter Schiff’s AI-suggested investment portfolio and allocation? Share your thoughts on this topic in the comment section below.

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