Wednesday, July 17, 2019

Peter Schiff's LIVE Bitcoin Challenge

If you think you can change my mind on Bitcoin, here’s your chance. Bring your best argument and be prepare to defend it...

- Source, Peter Schiff

Monday, July 8, 2019

Peter Schiff: Inflation is going to run out of control, the dollar will suffer

Money manager Peter Schiff predicts, “Inflation is going to run out of control. This is why people need to buy gold. Paper currencies are going to lose a tremendous amount of value. 

So, if you want to preserve your purchasing power of your savings, you better be saving real money and not all this funny money the central banks create.

Once the market perceives that there is no light at the end of the tunnel, that we are never going back to normal, that interest rates are going to stay negative in real terms forever, that the Fed has no ability to raise rates, that all the new money that has been created will never be destroyed, that the Fed balance sheet will grow in perpetuity so liquidity will never be removed, then the dollar will fall through the floor. 

Then we are going to get all that inflation.” Schiff is predicting another bull market in gold and silver. Schiff says, “If we are going to have another bull market in gold, which we will and it’s probably already starting, we are going to have a bull market in silver. 

I don’t think we have ever had a gold bull market that didn’t include silver. In every gold bull market, silver has outperformed gold (on a percentage basis). So, there is a lot of upside in silver.

- Source, USA Watchdog

Tuesday, July 2, 2019

Only Peter Schiff forecast the final rate hike before it happened

Watch Peter Schiff nail the Fed's final rate hike two days before it was made. 

At the time no else on Wall Street saw this coming, and to this day no one else understands the significance of why Peter was right and what it portends for the future. 

While I alone believed the Fed was done raising rates, and that they would soon reverse course and cut rates, I also believed cutting rates would be a mistake.

Thursday, June 27, 2019

Peter Schiff: More Fed Heroin for the Addicts on Wall Street

Last week, the Dow gained 4.7% and other stock indices followed the upward trend, snapping a six-week losing streak. So, what drove the market up? Was it great earnings reports?

Not really. There were a few companies that posted solid earnings reports, but nothing earthshaking.

Was it good economic data?

Nope. In fact, most of the news was bad. Most significantly, the non-farm payroll number for May came in at just 75,000 jobs. The projections had been for about 180,000 jobs. Peter pointed out that if you average the last three months, job growth comes to about 150,000 jobs per month.

Pretty anemic job growth, especially if you’re claiming you’re the jobs president and we have the strongest economy in the history of the country.”

Peter also noted that the economy is creating the same type of lousy part-time and low-paying jobs it was creating when Obama was president.

Meanwhile, the New York Fed lowered its GDP growth estimate both for Q2 and Q3.

The bottom line is we got much weaker than expected jobs growth. We got weaker economic data. We have downward revisions to GDP growth from the New York Fed. Yet the US stock market is soaring. Why?”

One thing has happened. That’s the Fed.

The Federal Reserve has changed on a dime and has done what I’ve been saying they would do for years. In fact, I said they would do this from the very beginning. And that is they have completely abandoned any pretense of normalizing interest rates or shrinking their balance sheet. The Fed is about to cut interest rates again.”

Consider this. That would mean the peak of this interest rate cycle was 2.5%.

That’s not exactly “normal.”

Why is the Fed going to have to cut interest rates? To prevent the bubble from deflating, to prevent the bubble economy from returning to recession.”

And this is exactly why we saw this boost in the stock market last week. The addict is giddy at the mere thought of a fix.

It’s only because the Fed is going to give the heroin addicts on Wall Street more of the heroin, this is why the market is going up. That is why the bond market is going up. That is why rates are falling, because the bond market thinks the Fed is going to work its magic one more time. It’s going to slash interest rates. It’s going to force-feed cheap money into the economy. It’s going to do quantitative easing. And it’s going to be a party in the bond market. It’s going to be a party on Wall Street. Except inflation is going to crash that party. A dollar collapse is going to crash that party.”

Peter said the only reason all of this monetary stimulus worked the last time was because everybody believed it was an emergency measure, that it was temporary, that it would be undone, that there was an exit strategy.

Everything the Fed has been saying for the past 10 years about its exit strategy, about its ability to normalize interest rates — everything they said was a lie.”

The Fed continues to insist that the economy is strong, but Peter said you need to keep your focus on what the central bank is actually doing.

The fact that they’re about to cut interest rates proves beyond a shadow of a doubt that the economy is weak, that any strength is artificial. It’s a result of the cheap money and they need more cheap money to maintain the illusion of economic growth.”

Peter has always said that levering up the economy is the easy part.

If you can’t remove the policy without the economy relapsing into recession, then the economy was a failure … The easy thing to do was to get hooked on drugs. The hard part, or the impossible part, was kicking the habit. That’s what the Fed can’t do.”

- Source, Schiff Gold

Sunday, June 23, 2019

Peter Schiff: The Fed Created an Uber Problem

The U.S. stock markets finished off the worst week of the year with a gain despite the fact that, as expected, the trade talks between the United States and China broke down today, and no deal. 

The new tariffs went into effect at 12:01am this morning. Despite the fact that Trump is now retaliating by escalating the trade war, he still claims that the discussions are going well, that they are making a lot of progress. 

None of that makes any sense. If things are going well, and you're making progress, you don't escalate the war. That makes no sense. All that is going to do is piss off the Chinese. So, if everything is going so well, you would not want to do that.

Tuesday, June 18, 2019

Peter Schiff: ZIRP and QE Are Now Conventional Monetary Policy

There's been a lot of volatility in the stock market since I recorded my last podcast on Friday. In fact, on Monday, the tech stocks in particular got beaten up. 

The NASDAQ dropped by better than 150 points, led lower by the so-called FANG stocks (Facebook, Amazon, Netflix, Google). Google and Facebook, the biggest drop - I think it was something like 6-8%. Part of that had to do with the Justice Department investigating Google.

- Source, Peter Schiff

Friday, June 14, 2019

Monday, June 10, 2019

Peter Schiff: Game Over For The FED

The Dow Jones soared 263 points today, although at one point the index was up better than 350 points. But it managed to finish the week with a 4.7% gain. 

That is the best showing for the Dow Jones Industrials in 6 months and in fact we snapped a six-week losing streak this week. All of the major averages had positive weeks. 

The NASDAQ - the best gainer on the day; up 1.7% - not quite as strong on the week because it took a shellacking on Monday with the FANG stocks leading the way down - but up about 3.7% on the week. Similar gains for the Russell 2000, the Dow Transports, the S&P 500 not quite as strong as the Dow - I think up about 4.2% on the week.

- Source, Peter Schiff

Monday, May 27, 2019

Peter Schiff: More upward pressure for oil market that's already going up

Peter Schiff on RT discussing Iran, Crude Oil Prices, OPEC, Dollar, Gas Prices, Donald Trump, Interest rates, Inflation, Federal Reserve, Rate Hikes, Saudi Arabia, Russia, currency.

Wednesday, May 22, 2019

Peter Schiff: What's Going On With The GDP?

The Commerce Department released the first estimate of Q1 GDP growth on Friday. It came in higher than expected at 3.2%.

Somewhat surprisingly, the price of gold rose on the news and the dollar showed some weakness. The primary reason was presumably lower inflation. This means the Fed still has the excuse it needs to continue the Powell Pause.

There was also some data in the Commerce Department's report that reveals shakiness in that growth number. In fact, Peter Schiff said he thinks this will likely be the strongest growth of the year.

An increase in inventories helped drive Q1 growth. This isn't necessarily a positive trend. It could mean that consumers aren't buying, causing inventories to pile up. In fact, final sales to domestic purchasers increased by only 1.4%. That represents the smallest increase in more than three years.

Trade numbers also helped boost growth. Trade deficits were lower in Q1. Trade deficits were high in the last half of 2018. Peter said he thinks that's because a lot of companies front-loaded shipments late last year in an effort to avoid tariffs.

Paul Ashworth, chief US economist at Capital Economics said, "Under those circumstances, we continue to expect that overall growth will slow this year, forcing the Fed to begin cutting interest rates before year-end."

- Source, Seeking Alpha

Friday, May 17, 2019

Peter Schiff: Of Course You Know, This Means War

As I suspected on Friday's podcast, the 400-point reversal that saw the Dow move from down 300 points + to up 100 points on the close was in fact, reversed today, and the Dow Jones actually closed below the Friday low, which is a huge negative, technically for the index. 

The Dow was down 617 points; that's about 2.4 %. But the real carnage was in the NASDAQ. That was down 3.4%. The Russell 2000 also down better than 3% - 3.2%, showing that domestically focused stocks are actually getting hit harder than the multi-nationals.

- Source, Peter Schiff