Economist Peter Schiff praised the artificial intelligence of the Chatgpt assistant for omitting bitcoin in a suggested “recession-proof” portfolio. The long-time gold proponent commented on a report claiming the chatbot has recommended “massive allocations” in precious metals.
Schiff Cites Study Alleging Chatgpt Favors Gold and Cash as Investments in Recession
Rigorous crypto opponent Peter Schiff took to social media to highlight a recent report revealing that Openai’s Chatgpt has not considered bitcoin as an option when prompted to advise about a recession-resistant investment portfolio. Linking to an article about the test in a tweet on Thursday, Schiff noted:
— Peter Schiff (@PeterSchiff) April 6, 2023
The referenced experiment has been conducted by a platform offering information on gold IRA (individual retirement account) investments. According to a blog post, the artificial intelligence (AI) chatbot was asked to produce example allocations “resistant to boom and bust cycles.”
According to a press release by Gold IRA Guide, Chatgpt suggested diversification across a range of cash-like assets and commodities. The mix included defensive stocks, bonds, cash, and precious metals to create a “truly recession-resistant portfolio.”
The announcement details that the allegedly “ideal model” included 40% bonds, such as fixed-income government and corporate bonds, and 30% blue chip stocks like healthcare, utilities, and essential consumer goods. For cash and its various equivalents — U.S. dollars, money market funds, and certificates of deposit — were reserved as 10% of the portfolio.
Gold and other precious metals, in the form of physical and “paper-backed” gold and silver assets, including gold ETFs and mining stocks, got 20%. “This figure far exceeds the number proposed by prominent ‘gold bug’ wealth managers such as Ray Dalio and Peter Schiff,” the authors remarked.
Schiff recently predicted that a bull market for gold will lead to even higher prices than currently observed, as Bitcoin.com News reported on Thursday. His statements came after the most popular precious metal broke the $2,000 mark earlier this week.
Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.
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