Gold futures topped $2050...

And Silver futures neared $27...

And, according to Peter Schiff, there's more to come... In a tweet, he said,

"You know the gold bull has a long way to run when the first reaction traders have to gold finally breaking above $2,000 is to sell."

Gold is up more than 30% on the year after a better than 18% gain in 2019.

The mainstream spin was that the prospect of more fiscal stimulus was driving gold higher. The Democrats and Republicans appear closer to an agreement on a new spending bill. That's certainly part of the equation. But fundamentally, this is about currency debasement.  In another tweet, Peter noted:

For now, the significance of the dollar's record low is lost on the vast majority of investors. But as thousand-dollar milestones fall like dominoes the gravity of the problem will be more widely apparent."

Even some people in the mainstream are starting to hone in on the fundamentals driving gold higher.  Lee Ferridge, head of North America macro strategy for State Street Global Markets, told Reuters it's all about the Fed.

"Gold is outperforming. … It's all about the debasement of the dollar."