Key Takeaways from This Market Jolt
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- In November 2025, silver surged about 16.5% while Bitcoin dropped roughly 17.5%, a sharp divergence Schiff calls a potential \”mirror image\” setup for a bigger Bitcoin crash.
- By November 29, 2025, Bitcoin was trading around $90,535, after earlier falling below $100,000 with roughly $2 billion in crypto liquidations in a single day.
- Schiff argues that debt-fueled Bitcoin buying and Federal Reserve policy are setting up a systemic break, while official institutions frame current volatility as part of normal market cycles — leaving open whether this is just another correction or the first crack in a larger structure.
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The Moment the Numbers Stopped Making Sense
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Late November 2025. Screens flicker in trading rooms across the globe. Bitcoin, the asset hailed as digital gold, starts bleeding red. Prices slip below $100,000 on November 5, with Ether clinging to $3,000 as $2 billion in crypto positions get liquidated in a brutal 24-hour span. Meanwhile, silver — quiet, tangible, often overlooked — rips higher, up about 16.5% over the month. Bitcoin counters with a 17.5% drop in the same period.
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By November 29, Bitcoin hovers at $90,535, down another 0.9% in a day. It’s not a flash crash. It’s a slow grind, persistent. On Reddit threads and social feeds, the questions build. Peter Schiff, the voice who called shadows before 2008, posts about a \”mirror image crash\” unfolding. Traders stare at charts. Is this just noise? Or has something fundamental snapped in the underbelly of the markets?
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What Traders, Gold Bugs, and Crypto Skeptics Say Is Really Going On
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In the corners where gold bugs gather and crypto skeptics lurk, Peter Schiff’s take cuts through the static. He labels the November 2025 split — silver up 16.5%, Bitcoin down 17.5% — as a \”mirror image\” of past crypto highs, now flipping into reverse. Firms borrowing to stack Bitcoin? That’s the fuse, he says. Debt loads could force sales if prices keep sliding, turning a dip into a rout.
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Gold and silver advocates see vindication. Back in October, Schiff called gold pullbacks a bull market ploy to shake loose the timid. Now, with metals strengthening, forums buzz about a shift from speculative crypto to real scarcity. Crypto skeptics, eyes on data, point to leveraged bets crumbling. Early November saw Schiff predict 2025 gains erased, targeting $90,000 — and there Bitcoin sits, at $90,535 by month’s end.
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Online, Schiff gets called a perma-bear, a broken clock. But his 2007-2008 warnings on credit crises and Fed flaws? They echo here. Austrian economics fans tie it together: low rates bloated bubbles in tech, AI, crypto. This divergence? Capital fleeing to hard assets, they argue. Patterns like this don’t lie, even if the timing frustrates.
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Timelines, Price Charts, and the Data We Can Actually Verify
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Let’s pin this to dates and numbers. On November 5, 2025, Bitcoin drops under $100,000, Ether near $3,000, $2 billion liquidated. By November 29, Bitcoin at $90,535.28, down 0.9% daily. November overall: silver +16.5%, Bitcoin -17.5%. Late October, Schiff saw gold dips as healthy, with analysts hiking targets.
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Macro backdrop: 10-year Japanese bonds climb from 0.25-0.5% to about 2%, signaling rising capital costs. Inflation expectations? Around 5.4% year-ahead from May 2024 data. Schiff’s 2007 calls on credit woes and rates? They played out in 2008, if not exactly to script.
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| Period | Bitcoin Price | Silver Performance | Macro Marker (e.g., 10-yr JGB Yield) |
|---|---|---|---|
| Late October 2025 | Above $100,000 (pre-slide) | Pullback phase, seen as bull market correction | ~0.25-0.5% |
| Early November 2025 | Below $100,000 (Nov 5) | Building gains toward 16.5% monthly | Rising toward 2% |
| Late November 2025 | ~ $90,535 (Nov 29) | +16.5% for the month | ~2% |
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These markers show the split clearly. Check them against sources like Benzinga — the data holds.
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The Fed’s ‘Orderly Markets’ Story vs. Schiff’s ‘Systemic Break’ Narrative
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Official lines from the Fed stress stability. Speeches from 2007 to 2025 talk liquidity backstops for orderly markets, not bailouts for every risk. Volatility? Cyclical, they say — corrections in a working system. Jerome Powell highlights falling inflation as room for rate tweaks, countering high debt worries.
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Schiff pushes back hard. Interventions and low rates? They pump bubbles in Bitcoin and tech, muffling true signals. Persistent inflation expectations, like that 5.4% from 2024, underline his point. Community voices note his gold ties as bias, yet his debt and banking critiques fit the crypto leverage puzzle.
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It’s clashing views on the same facts: regulators see manageable swings, Schiff a brewing collapse. \”Mirror image crash,\” he warns; officials call it normal flux. Both scan the horizon, but from different peaks.
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Is Debt-Backed Bitcoin the New Subprime, or Just Another Scare Story?
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Schiff’s alarm centers on debt. Companies borrow fiat to hoard Bitcoin, betting on endless ups. Prices tank? Margin calls hit, covenants bite, forcing sales that snowball the fall. It mirrors 2008: leverage on overvalued assets, faith they can’t drop far.
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Forum stories from November’s $2 billion wipeout paint it vivid — over-levered traders crushed as Bitcoin shed $100,000. But scale? Public data doesn’t match 2008’s mortgage sprawl. Bitcoin debt is real, yet not system-killing on record.
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Ambiguity lingers. Rising yields, like Japan’s 10-year at 2%, could sour the borrow-to-buy game. Is that the crack Schiff senses? Or hype? We lack full leverage tallies, but the analogy stings — a potential weak link, waiting for stress to test it.
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What This Break Might Signal — and What Remains in the Shadows
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Hard facts: Bitcoin from over $100,000 to $90,535 in November 2025, $2 billion liquidated, silver up 16.5%, gold dips called bullish by Schiff. His 2008 foresight earns respect, even if his volume draws flak — prescient or just early?
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Institutions call it volatility in a solid system, citing easing inflation. But alt views see strain: debt piles, yield spikes like Japan’s to 2%, leveraged crypto bets. Is this divergence a blip or rotation to hard assets?
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Questions hang: Temporary anomaly or structural shift? Debt Bitcoin plays tough, or the next fracture? Officials reassure, but gut feelings in the community say watch closer. Track Bitcoin, silver, gold, yields over quarters. Schiff might be loud and ahead, or this mirror image the hindsight fracture we all spot too late.
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Frequently Asked Questions
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In November 2025, silver prices surged by about 16.5%, while Bitcoin fell roughly 17.5%. This included Bitcoin dropping below $100,000 on November 5 with $2 billion in crypto liquidations, and ending the month around $90,535.
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Schiff describes the Bitcoin-silver divergence as a \”mirror image\” setup for a potential larger Bitcoin crash. He argues that debt-fueled Bitcoin accumulation by companies, combined with Federal Reserve policies, could lead to forced sales and systemic stress.
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Institutions like the Federal Reserve frame the volatility as part of normal market cycles and corrections within a functioning system. They emphasize maintaining orderly markets through liquidity measures, without acknowledging a looming systemic break.
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Schiff points to companies issuing debt to buy Bitcoin, creating leveraged risks similar to 2008 subprime issues. While public data shows significant but not system-threatening scale, rising yields could pressure these strategies, though comprehensive leverage details remain unclear.
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The split may signal a rotation from speculative crypto to tangible assets like silver amid rising capital costs and debt concerns. It raises questions about whether this is a temporary correction or an early sign of deeper structural shifts in the markets.
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